Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return. This chart is also available on IRS.gov/aca.

To help navigate these changes, taxpayers and their tax professionals should consider filing returns electronically.Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math.

IF YOU... THEN YOU...
Are U.S. citizens or are non-U.S. citizens living in the United States Must have qualifying health care coverage, qualify for a health coverage exemption, or make a payment when you file your tax return
Have health coverage through an employer or under a government program such as Medicare, Medicaid and coverage for veterans for the entire year Just have to check a box on your Form 1040 series return and do not read any further
Do not have coverage for any month of the year Should check the instructions to Form 8965 to see if you are eligible for an exemption
Are eligible for an exemption from coverage for a month Are not responsible for making an Individual Shared Responsibility payment for that month, and must claim the exemption or report an exemption already obtained from the Marketplace by completing Form 8965, Health Coverage Exemptions,and submitting it with your tax return
Do not have coverage and are not eligible for an exemption from coverage for any month of the year Are responsible for making an individual shared responsibility payment when you file your return
Are responsible for making an individual shared responsibility payment Will report it on your tax return and make the payment with your taxes
Received the benefit of more advance payments of the premium tax credit than the amount of credit for which you qualify Will repay the amount in excess of the credit you are allowed subject to a repayment cap
Need qualifying health care coverage for 2015 Can enroll in health insurance through the Health Insurance Marketplace (Marketplace) during the open enrollment period that runs through Feb. 15, 2015; once open enrollment ends, individuals can enroll only if they qualify under special enrollment provisions
Enroll in health insurance through the Marketplace for yourself or someone else on your tax return Might be eligible for the premium tax credit
Did not enroll in health insurance from the Marketplace for yourself or anyone else on your tax return Cannot claim the premium tax credit
Or another person on your tax return who is enrolled in coverage through the Marketplace is not eligible for health care coverage through your employer or under a government program Might be eligible for the premium tax credit
Are eligible for the premium tax credit Can choose to get premium assistance now to lower your monthly payments or get all the benefit of the credit when you claim it on your tax return
Choose to get premium assistance now Will have payments sent on your behalf to your insurance provider. These payments are called advance payments of the premium tax credit
Get the benefit of advance payments of the premium tax credit and experience a significant life change, such as a change in Report these changes in circumstances to the Marketplace when they happen
Get the benefit of advance payments of the premium tax credit Will report the payments on your tax return and reconcile the amount of the payments with the amount of credit for which you are eligible

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 — Form 720 taxes
File Form 720 for the second quarter of 2016.

August 1 — Wagering tax
File Form 730 and pay the tax on wagers accepted during June.

August 1 — Social security, Medicare, and withheld income tax
File Form 941 for the second quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules.

August 1 — Certain small employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2016 but less than $2,500 for the second quarter.

August 1 — Federal unemployment tax
Deposit the tax owed through June 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 2015. 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 2017. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

August 10 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of July.

August 12 — Regular method taxes
Deposit the tax for the last 16 days of July.

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

August 15 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in July.

August 25 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of July.

August 29 — Regular method taxes
Deposit the tax for the first 15 days of August.

August 31 — Wagering tax
File Form 730 and pay the tax on wagers accepted during July.

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