CMS has made the Health Coverage Tax Tool available

With the 2015 tax season underway, CMS has made the Health Coverage Tax Tool available to help consumers with their tax questions. The tax tool helps consumers claim the affordability exemption and calculate their premium tax credit (PTC).

 

Consumers should access the tax tool only if one of the following situations applies:

 

• The information on the consumer’s health care tax Form 1095-A about his or her “second lowest cost Silver plan” is missing or incorrect in Part III, Column B of the form.
• The consumer wants to claim an “affordability exemption,” meaning 2015 coverage was unaffordable to the consumer. If he or she qualifies for this exemption, the consumer does not have to pay the fee for not being covered in 2015.

 

Additional information on these situations is available at: https://www.healthcare.gov/tax-forms-and-tools/. Watch for additional emails from CMS in the coming weeks providing information on additional tools and information on tax season readiness.

 

Remember: While you may provide information to consumers about this new tool, the tax credit reconciliation process, and the tax forms they will receive, it is important that you not provide any tax filing advice or answer any tax filing questions. Please refer those seeking answers to their questions or advice regarding their personal situation to a tax professional for assistance or to the tax assistance options available at IRS.gov/freefile or IRS.gov/VITA.