31a TaxWise and ACA - Aarp-tax-aide

Report
TaxWise and ACA
TAX-AIDE
TAX-AIDE
Preliminary – TY2014
1. Full-Year Coverage for Entire
Household
● Check box on 1040 Ln 61
No further action required for ACA
TAX-AIDE
Preliminary – TY2014
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
TAX-AIDE
Preliminary – TY2014
Determine SRP
● Check [Full] or months without MEC
TAX-AIDE
Preliminary – TY2014
SRP Calculated on Wtk8
TAX-AIDE
Preliminary – TY2014
SRP Transferred to 1040 Ln 61
TAX-AIDE
Preliminary – 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
Preliminary – TY2014
Complete Form 8965 for Exemption
for Jan and Feb
TAX-AIDE
Preliminary – TY2014
4. Eligible for Premium Tax Credit?
When Mkt is checked, Form 8962 is loaded into the tree
TAX-AIDE
Preliminary – TY2014
PTC Calculated from 2014 Return
TAX-AIDE
Preliminary – TY2014
Marketplace sends Form 1095-A
TAX-AIDE
Preliminary – TY2014
Enter Information from Form 1095A on Form 8962
TAX-AIDE
Preliminary – TY2014
Calculated PTC Less Than Advance
PTC
TAX-AIDE
Preliminary – TY2014
Repayment of Excess Advance PTC –
1040 Ln 46
Form 8962 Part 3
1040 Pg 2
TAX-AIDE
Preliminary – TY2014
If Net PTC – 1040 Ln 69
Form 8962 Part 3
1040 Pg 2
TAX-AIDE
Preliminary – TY2014
TaxWise and ACA
Questions?
Comments…
TAX-AIDE
Preliminary – TY2014

similar documents