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Reporting Coverage on Your Taxes

17 March 2015

While employers have been focusing on the employer mandate—naturally—there's the other side of the coin that came into effect in 2014 without delay: the individual mandate. The individual mandate requires everyone to either have health insurance coverage every month of the year or face a penalty unless you qualify for a hardship exemption.The IRS recently released some guidance for everyone here: http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families For most Americans, they will have coverage through their employers for the entire year, and they simply will check a box on their Form 1040.

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