The IRS has just announced some important information for taxpayers who filed an extension for the 2014 tax year. The deadline for filing your 2014 Federal return is October 15, 2015, but you may want to file sooner.
If you purchased health insurance coverage through a government-sponsored health insurance marketplace and want to keep your advanced premium tax credit for 2016, you must file your 2014 Federal tax return by July 31, 2015 in order to be included on the IRS’ list of taxpayers eligible for the credit.
This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes.
In general, you may be eligible for the premium tax credit if you meet all of the following requirements:
- You must purchase coverage through a marketplace, and
- You don’t qualify for government programs like Medicare and Medicaid, and
- Your don’t have access to employer-sponsored insurance or your employer-provided insurance covers less than 60% of covered benefits OR your premiums are more than 9.5% of your annual household income, and
- Your annual household income is between 100% and 400% of the federal poverty level (percentages may vary by state), and
- You do not file a Married Filing Separately tax return (unless you meet criteria which allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using the Married Filing Separately filing status), and
- You cannot be claimed as a dependent by another person.
Open Enrollment for 2016
Open enrollment to purchase 2016 health insurance coverage begins November 1, 2015 and ends January 31, 2016.
Important dates to keep in mind
Here are the important dates to remember for filing your 2014 Federal return and healthcare coverage:
July 31, 2015: If you filed an extension, you must file your final 2014 Federal return by this date in order to keep your advanced premium tax credit for 2016.
October 15, 2015: If you don’t purchase health coverage through the Health Insurance Marketplace, or you know you don’t qualify for the premium tax credit, you can file your final 2014 Federal return as late as October 15th.
November 1, 2015: Open enrollment for 2016 healthcare coverage from government-sponsored marketplaces begins.
January 1, 2016: The earliest date coverage can begin for plans being purchased during this open enrollment period.
January 31, 2016: 2016 open enrollment ends.
For more information, visit IRS.gov.