In preparation for the 2015 tax filing season, which officially begins next week, the U.S. Department of Health and Human Services recently released a fact sheet detailing information Indiana tax filers need to know as they prepare to file their federal returns.

This tax season marks the first time individuals and families in Indiana will be asked to provide basic information regarding their health insurance on their tax returns.

While the vast majority of tax filers — over three quarters — will just need to check a box on their tax return indicating they had health coverage for all of 2014.

These people met the Minimum Essential Coverage requirement, which means that they had the basic health coverage necessary to meet the Affordable Care Act’s standards. These individuals and families will not receive any new forms in the mail and they will not be required to fill out new forms when they file their 2014 income tax returns.

Types of health coverage necessary to meet the Affordable Care Act’s standards (Minimum Essential Coverage) include:

• Most job-based plans, including retiree plans and COBRA coverage
• Medicare Part A or Part C
• Medicaid
• The Children’s Health Insurance Program (CHIP)
• Most individual health plans you bought outside the Marketplace, including “grandfathered” plans.
• If you’re under 26, coverage under a parent’s plan

Individuals and families enrolled in a health plan through the Marketplace will receive a new statement — called a Form 1095-A — that includes all the information they need about their coverage to file their return.

If you haven’t received a Form 1095-A by early February, you should contact the Marketplace Call Center at (800) 318-2596. TTY users should call (855) 889-4325.

If a tax credit lowered your monthly premiums for health insurance in 2014, you will use your Form 1095-A to input some basic information when you file your taxes.

You need to compare your estimated income with your actual income — this could impact the final amount of your tax credit.

If your income or household size changed throughout the year, it could impact the final amount of your tax credit.

You may see a smaller refund or owe money back if you underestimated your income.
You may also get a bigger refund if you overestimated you income.

If you did not receive a tax credit to lower your monthly premiums in the Marketplace, you can visit HealthCare.gov/taxes/tools/ to get information needed to enter into your tax forms to see if you might qualify.

If your Marketplace coverage started partway through 2014 and you were uninsured earlier in the year, or if you were uninsured for only a short period of time during the year, you may be eligible for an exemption from the requirement to have health coverage.

You can claim the exemption on your tax return when you file. The process is fast and easy.

Visit HealthCare.gov/taxes/tools to get information you may need to claim the exemption for coverage being unaffordable to you in 2014.

If you could have afforded coverage in 2014 but chose not to buy it – and you don’t qualify for an exemption – you will have to pay a fee with your federal tax return.