TAX-AIDE

TAX-AIDE

Preliminary – TY2014

TaxWise and ACA

TAX-AIDE

1. Full-Year Coverage for Entire Household

● Check box on 1040 Ln 61

Preliminary – TY2014

No further action required for ACA

TAX-AIDE

2. Otherwise… If

● Any member of taxpayer’s household has MEC for less than entire year -OR-

● Insurance was purchased through the Marketplace -OR-

● Exemptions are applicable

Select 1040 Wkt8 – Key to ACA!

Preliminary – TY2014

TAX-AIDE

How do we get necessary forms to the TaxWise Tree?

● Select TW “1040 Wkt8”

● Read the Instructions. Carefully!

TAX-AIDE

Determine SRP

● Check “Full” box or months with neither MEC nor an exemption

Click icon to add picture

Preliminary – TY2014

TAX-AIDE

SRP Calculated on Wtk8

Preliminary – TY2014

TAX-AIDE

SRP Transferred to 1040 Line 61

Preliminary – TY2014

TAX-AIDEPreliminary – TY2014

● Taxpayer purchased insurance through Marketplace beginning in March for a possible exemption in Jan and Feb

When Exm is checked, Form 8965 is loaded into the tree

TAX-AIDE

Complete Form 8965 for Exemption for January and February

Preliminary – TY2014

TAX-AIDE

3.Eligible for Premium Tax Credit?

Preliminary – TY2014

When Mkt is checked, Form 8962 is loaded into the tree

TAX-AIDE

TP’s share of health care cost is based on 2014 Income

Preliminary – TY2014

TAX-AIDE

Marketplace sends Form 1095-A

Preliminary – TY2014

TAX-AIDE

Enter Information from Form 1095-A on Form 8962

Preliminary – TY2014

TAX-AIDE

If Calculated PTC is Less Than Advance PTC

Preliminary – TY2014

TAX-AIDE

BUT… TP Has to Repay Some or All Excess Advance PTC – 1040 Line 46

Preliminary – TY2014

1040 Pg 2

Form 8962 Part 3

TAX-AIDE

If Net PTC – 1040 Line 69

Preliminary – TY2014

Form 8962 Part 3

1040 Pg 2

TAX-AIDEPreliminary – TY2014

TAX-AIDE

TaxWise and ACA

Preliminary – TY2014

Questions?

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