The Wagner Law Group Description
Wagner Law Group, A Professional Corporation, is a nationally
recognized ERISA & employee benefits, estate planning,
employment, labor & human resources practice.
in 1996, The Wagner Law Group has 22 attorneys engaged
exclusively in employee benefits, estate planning and
employment law. Six of our attorneys are AV rated by
Martindale-Hubbell as having very high to preeminent legal abilities
and ethical standards. The firm is among the largest ERISA boutiques
in the country. Our practice is national in scope, with clients in
more than 40 states and several foreign countries.
Wagner Law Group
Fax: (561) 293-3591
7108 Fairway Drive
Palm Beach Gardens, FL 33418
Francisco, CA 94104
January 22, 2015
Health and Welfare Law
IRS Issues Forms and Instructions for
Individual Mandate and Premium Tax Credits
The IRS has released new and
revised forms and guidance to enable individuals to report their
compliance with the individual shared responsibility mandate and
premium tax credit provisions of the Affordable Care Act. According
to the IRS, "[a]long with a few new lines on existing forms,
there will also be two new forms that will need to be included with
some tax returns. While most taxpayers will simply need to check a
box on their tax return to indicate they had health coverage for all
of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ
related to the health care law."
form is Form 8965, "Health Coverage Exemptions" which will
be used to report a Health Insurance Marketplace-granted coverage
exemption or to claim an IRS-granted coverage exemption from the
individual coverage requirement. Another is Form 8962 "Premium
Tax Credit" which is used to reconcile advance payments of the
premium tax credit, or to claim this credit on the tax return.
if individuals purchased coverage through the Health Insurance
Marketplace, they should receive, Form 1095-A "Health
Insurance Marketplace Statement", which will help them to
complete Form 8962.
1040 and 1040-A have been revised to: report health coverage in
compliance with the individual mandate; enter individual shared
responsibility payments; report advance payments of the premium tax
credit that must be repaid; and claim the net premium tax credit
(which is the excess of the allowed premium tax credit over advance
1040-EZ can be used to report health coverage and enter individual
shared responsibility payments. However, it cannot be used to report
advance payments or to claim the premium tax credit
Further information is
available at: http://www.irs.gov/Affordable-Care-Act/Health-Care-Tax-Tips2.
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