When you file TY 2014 Tax Return, you will need to report Minimum Essential Coverage, Claim or Report Coverage Exemptions, or make Shared Responsibility Individual Payment. You don't have to file a Tax Return just to Report Coverage or Claim Exemption. See Highlights below:
1. If Taxpayer and all Dependants had the Minimum Essential Coverage for each month of 2014, you show this on the Tax Return and no other action is required.
2. File Form 8965 if you qualify for Coverage Exemption from Marketplace.
3. For the Months you and your family had no minimum essential coverage, you will have to make a Shared Responsibility Payment. This payment is reported in 1040, 1040A, or 1040EZ.
4. Calculate Use Shared Responsibility Payment in Work Sheet 8965.
Q & A Contact : Kash, (925) 963 4891 @ Yajnik & Mehta Associates (YMA)
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