Are you aware of the tax-reporting requirements under ACA?

Tax Day is almost here. Did you meet the Affordable Care Act’s new tax-reporting requirements?

For most taxpayers, complying with the ACA simply means checking a new box on their tax return. That’s all you have to do if you had coverage last year through your employer, Medicare or Medicaid, or if you have purchased coverage outside the Health Insurance Marketplace. It’s estimated that’s all that three-quarters of American taxpayers will have to do.

Things get a bit more complicated if you received coverage last year through the Health Insurance Marketplace. If that’s the case, you should have received Form 1095-A. You’ll need to file this form, also called the Health Insurance Marketplace Statement, with your 2014 federal income tax return. Were you eligible for a Premium Tax Credit? Here’s more information about how that type of financial assistance may affect your tax return.

Didn’t have coverage for some amount of time last year? Your tax preparer can help you determine whether you owe a penalty. Read more about your options here.