When filing your 2014 federal income tax return, you will notice some changes related to the individual shared responsibility provision of the Affordable Care Act.

The individual shared responsibility provision in the Affordable Care Act calls for you to have qualifying health care coverage for each month of the year, qualify for a health coverage exemption, or make an Individual Shared Responsibility Payment when filing your federal income tax return. Individuals are responsible for themselves and anyone they can claim as a dependent. Taxpayers who have coverage for the entire year will simply check a box on their tax return and won't need to do anything else when they file.

However, if you don't have qualifying health care coverage and you meet certain criteria, you might be eligible for an exemption from coverage. Most exemptions are available on your tax return, but some must be claimed through the Marketplace. If you or any of your dependents are exempt from the requirement to have health coverage, you will complete the new IRS Form 8965, Health Coverage Exemptions and submit it with your tax return.

If you could have afforded coverage for yourself or any of your dependents but chose not to get it and you do not qualify for an exemption, you must make a payment called the individual shared responsibility payment. You calculate the shared responsibility payment using a worksheet included in the instructions for Form 8965 and enter your payment amount on your tax return.

For more information about the Affordable Care Act and filing your 2014 income tax return, visit IRS.gov/aca.

Regardless of your health insurance and tax situations, TaxAct will guide you every step of the way. We'll help you get all your deductions and credits for your biggest guaranteed IRS refund the fastest way possible. Get started now with TaxAct Free Edition to file your federal taxes absolutely free!

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Upcoming Tax Dates

August 1 — Certain small employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2017 but less than $2,500 for the second quarter.

August 1 — Federal unemployment tax
Deposit the tax owed through 06-if more than $500.

August 1 — All employers
If you maintain an employee benefit plan, such as a pension, profitsharing, or stock bonus plan, file Form 5500 or 5500EZ for calendar year 2017. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

August 10 — Employees who work for tips
If you received $20 or more in tips during July, report them to your employer Details

August 10 — Social security, Medicare, and withheld income tax
File Form 941 for the second quarter of 2018. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

August 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in July.

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