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Preparing your own income tax returns? Obama Care reporting you must do!

Recently, the IRS released a new taxpayer guide explaining all of the complex issues that you may have to deal with regarding compliance with the Affordable Care Act (Obama Care) when preparing your own 2014 income tax returns (using TurboTax and Tax Cut, for example). I would recommend looking at this guide before you complete your tax returns, especially if you received a form 1095-A.

 Your 2014 income tax returns will be especially complex, because you will be asked if you have health insurance coverage for the entire year, for all of your household members:

Line 61   Health care: individual responsibility (see instructions)    Full-year coverage?

Before you e-file your return, we recommend calling us for a second opinion. Why be surprised by an IRS notice, “politely” requesting more taxes from you…plus a penalty!

We welcome your comments and questions.

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