The Atlanta Lawyer January/February 2015 - Page 7

Legal Minute 2014 tax return tips The Affordable Care Act & 2014 Tax Returns By C. Murray Saylor, Jr. Chair, Tax Section msaylor@saylorlaw.com T he Affordable Care Act (ACA), nicknamed Obamacare, is a factor in 2014 income tax return filing for individuals. 2014 is the first year the law requires new forms related to the ACA. The Shared Responsibility provision of the law requires each member of a family to do one of the following: • Have qualifying health coverage called minimum essential coverage • Qualify for a health coverage exemption, or • Make a Shared Responsibility payment when the 2014 federal income tax return is filed. The Shared Responsibility payment is also referred to as a penalty for n