Certain provisions of the Affordable Care Act will probably affect your federal income tax return when you file this year.  The law requires that you and each member of your family have qualifying health insurance coverage for each month of the year, qualify for an exemption from the coverage requirement, or make an individual shared responsibility payment when filing your federal income tax return.

Most taxpayers will simply check a box on the tax return to indicate that each member of their family had qualifying health coverage for the whole year.  Qualifying health insurance includes coverage for most, but not all, types of health care coverage plans.  If you bought coverage through the Health Insurance Marketplace, you should receive Form 1095A, Health Insurance Marketplace Statement from your Marketplace by early February.

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Teaching Suggestions

• Ask students to search the Internet to gather more information about the new IRS requirements and the Affordable Care Act.
• What are provisions that might affect an individual and their families?

Discussion Questions

1. What are the reporting requirements when you file your federal income tax return this year?
2. How can you determine if you are eligible for an exemption?
3. What should you do if you are expecting to receive 1095A and you don’t receive it by early February.