Most taxpayers will have until Monday, April 18, to file their 2015 returns and pay any taxes due. That’s because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, D.C. holidays impact tax deadlines in the same way federal holidays do.
Also, because of the Patriots’ Day holiday observed on Monday, April 18, in Maine and Massachusetts, residents of those states will have until Tuesday, April 19, to file. Regardless of where they live, taxpayers requesting an extension will have until Monday, Oct. 17 to file.
This winter, many taxpayers will receive new, year-end forms providing them with information about health coverage they had or were offered. The new forms include Forms 1095-B and 1095-C.
If Form 1095-A is not received by early February, contact the Marketplace where coverage was purchased rather than the IRS. The IRS does not have this information.
While the information on these forms may assist in preparing a return, they are not required. Like last year, taxpayers can prepare and file their returns using other information about their health insurance. To find out more about these year-end forms, visit www.irs.gov/Affordable-Care-Act/Affordable-Care-Act-Tax-Provisions-Questions-and-Answers for questions and answers about the Affordable Care Act.
Taxpayers who do not have qualifying coverage or an exemption for each month of the year will need to make an individual, shared-responsibility payment with their return for choosing not to purchase coverage.
The payment increased from last year and will apply to taxpayers who did not have qualifying coverage or an exemption for each month during 2015. The annual payment amount is either a percentage of household income in excess of the return-filing threshold or a flat dollar amount, whichever is greater. If the taxpayer has coverage or an exemption for only part of the year, the IRS will prorate your payment for an amount less than the annual payment. The amount the taxpayer will have to pay may be limited depending on your circumstances.
For 2015, the payment is the greater of 2 percent of income above the filing threshold or $325 per adult, $162.50 per child and a maximum per family of $975. Examples and information about figuring the payment are available on the IRS Calculating the Payment page.
Once again this year, taxpayers who are reporting coverage, claiming a health-coverage exemption, making an individual, shared-responsibility payment, or claiming the premium tax credit should consider filing their tax return electronically. E-filing a tax return is the simplest way to file a complete and accurate tax return as it guides individuals through the process and does all the math for them.
As they did last year, most taxpayers simply need to check a box on their tax return to indicate they had health coverage for all of 2015.
Taxpayers who benefited from advance payments of the premium tax credit must file a federal income tax return. These taxpayers need to reconcile those advance payments with the amount of premium tax credit to which they’re entitled, which is based on their actual income. Failure to do so may make them ineligible to receive future advance payments. Use IRS Form 8962, Premium Tax Credit, to calculate the premium tax credit and reconcile the credit with any advance payments.