Are you ready for Health Care Insurance Reporting?

The Affordable Care Act is requiring new health care insurance reporting.  Are you ready to report your health insurance coverage?  Start with the few steps below:

  • On Individual Form 1040 tax returns, you should be ready to provide information about your health care insurance coverage.  Use this form to get started.
  • For Partnership Form 1065 tax returns, each partner should have the Partnership pay or reimburse for health care insurance coverage.  This amount should be reported on the K-1 for self-employed health insurance tax deduction.
  • The Affordable Act does not allow reimbursement of an employee's health insurance by an employer without being considered taxable wages and reported on the employee's W-2.

More information on Health Care Law Online Resources located here.

 

 

Please contact our office if you have any questions.