In accordance with the Affordable Care Act, we have added several forms and worksheets to UltraTax/1040 for the 2014 tax season.
Note: For calculation purposes, every taxpayer falls into one of the following categories:
- Has minimum essential health care coverage
- Is exempt from the requirement to have minimum essential health care coverage
- Has to pay a penalty for not having minimum essential health care coverage
By default, UltraTax CS assumes that no minimum essential coverage was obtained.
2014 UltraTax CS provides the following forms and worksheets in relation to the Affordable Care Act
Health Care: Individual Responsibility Worksheet
This worksheet calculates the shared responsibility penalty if the taxpayer did not have minimum essential coverage, or a coverage exemption for one or more months.
Data entry is completed on Screen ACA Tax, located in the Taxes folder. By default, UltraTax/1040 assumes that no minimum essential coverage was obtained during the tax year. You can use this screen to indicate whether an entire family was covered for the full year with minimum essential health care coverage. Alternatively, you can enter details of partial coverage or exemptions.
Form 8965, Health Care Exemptions
Form 8965 is used to claim any healthcare coverage exemptions. Data entry is completed on Screen ACA Tax, located in the Taxes folder.
Note: Enter information for household income in the Dependents’ modified AGI statement dialog.
Form 8962, Premium Tax Credit
Form 8962 is completed by an individual to determine if he or she is eligible for the Premium Tax Credit. The data entry for this form is completed on the following input screens:
- Screen ACA Cr-2 in the Credits folder
- Screen ACA Cr in the Credits folder
- Screen ACA Tax in the Taxes folder
For more information, refer to the following help topics found on our Help & How-To Center: