2014 is the first year that taxpayers may start receiving Form 1095. The form reports who had healthcare coverage and which months they were covered. There are actually three forms, 1095-A, B, and C. A will be sent from the Healthcare Marketplace. B will be sent from Healthcare Providers (assuming you bought insurance straight from an insurance provider, such as Blue Cross/Blue Shield). C will be sent from "Large Employers", businesses with 50 or more full-time employees who provide insurance coverage for their employees. In 2014, only 1095-A from the Marketplace is required to be sent. In 2015 and beyond, all are required to be sent.
What if you didn't have healthcare insurance for all or part of 2014? (Like me, I'm thumbing my nose at them.) Well, we get to pay an "Excise Tax" (a penalty) for this terrible transgression. So what are we in for?For 2014: The greater of $95 per adult and $47.50 per child, OR 1% of your Yearly Household Income after deducting the minimum tax filing threshold.For 2015: The greater of $325 per adult and $162.50 per child, OR 2% of your Yearly Household Income after deducting the minimum tax filing threshold.For 2016: The greater of $695 per adult and $347.50 per child, OR 2.5% of your Yearly Household Income after deducting the minimum tax filing threshold.After that, it will be adjusted for inflation.Interested in trying out a few numbers on a calculator? Click on this link: http://taxpolicycenter.org/taxfacts/acacalculator.cfm