Coming to a Friday News Dump Near You: The Obamacare Individual Mandate Tax Form
The IRS recently released a batch of Obamacare-related draft tax forms for the 2014 tax year. Conspicuously absent from this collection is a form to calculate one’s penalty for noncompliance with Obamacare’s individual mandate.
ATR fully expects this draft tax form to be released in a Friday news dump during the dog days of the August recess.
It is clear from the new draft 1040 form already released that every American filing an income tax return will have to attest to their compliance with Obamacare’s individual mandate.
In the “Other Taxes” section of the draft 1040 form, line 61 reads: Health care: individual responsibility (see instructions)
Line 61 is underlined in the graphic below:
The expected Friday-news-dump individual mandate compliance tax form will, at a minimum, contain:
- The name and health insurance identification number of the taxpayer.
- The name and tax identification number of the health insurance company providing the “qualifying” coverage as determined by the federal government.
- The number of months the taxpayer was covered by this insurance plan.
- Whether or not the plan was purchased in one of Obamacare’s “exchanges.
When the draft tax form is finally released, it will be posted here.