Free 1040 Checklist — Affordable Care Act Requirements

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How to Determine Minimum Essential Health Insurance Coverage

The Affordable Care Act has introduced two new reporting requirements that will figure prominently on many 2014 Form 1040 returns: the premium tax credit and the individual shared responsibility penalty. These new requirements present new challenges for tax practitioners, as they must determine whether clients have qualifying health insurance or are eligible for an exemption from the mandate, calculate any penalties, and determine eligibility for the premium tax credit (including calculating and reconciling the amount of the credit with any advance payments received).

This free checklist from Thomson Reuters Checkpoint walks you through the questions to ask clients to determine if they had the required health insurance coverage during 2014 to avoid the individual shared responsibility penalty, or if they qualified for an exemption.

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