The IRS is implementing new ACA Regulations for the 2015 tax filing season, based on coverages from 2014. There will be new fines, know as the Shared Responsibility Payment, for every person who went without minimum essential health coverage in 2014, unless they have qualify or have previously qualified for an exemption. For information on minimum essential coverage types, click here.

For 2014, the annual SRP amount is the greater of

● 1 percent of the household income that is above the tax return filing threshold for the taxpayer’s filing status, or
● The family’s flat dollar amount, which is $95 per adult and $47.50 per child (under age 18), limited to a family
maximum of $285.

Form 8965 must be filled out for tax returns that have people who were uninsured in 2014. Failure to fill out form 8965 can result in a delay of the tax refund being issued to the taxpayer for several months.

Select taxpayers who received a subsidy by getting insurance through the Marketplace (healthcare.gov) will receive a form by January 31, which must be entered into the software as well.

For more information, read IRS Publication 5187 or call 706-602-0275. We're here to help!