The Affordable Care Act is requiring new health care insurance reporting. Are you ready to report your health insurance coverage? Start with the few steps below:
- On Individual Form 1040 tax returns, you should be ready to provide information about your health care insurance coverage. Use this form to get started.
- For Partnership Form 1065 tax returns, each partner should have the Partnership pay or reimburse for health care insurance coverage. This amount should be reported on the K-1 for self-employed health insurance tax deduction.
- The Affordable Act does not allow reimbursement of an employee’s health insurance by an employer without being considered taxable wages and reported on the employee’s W-2.
More information on Health Care Law Online Resources located here.
Please contact our office if you have any questions.