The IRS released final versions of the following guidance relating to the health care reform and health insurance.
Notice 2014-76 provides a list of the section 5000A hardship exemptions that taxpayers may claim on a federal income tax return without obtaining a hardship exemption certification from the health insurance marketplace.
Revenue Procedure 2014-62 announces the indexed applicable percentage table in § 36B(b)(3)(A) of the Internal Revenue Code, which is used to calculate an individual’s premium tax credit for taxable years beginning after calendar year 2015. It also announces the indexed required contribution percentage in § 36B(c)(2)(C)(i)(II) used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage for purposes of § 36B for plan years beginning after calendar year 2015. Finally, Revenue Procedure 2014-62 cross-references the required contribution percentage, as determined under guidance issued by the Department of Health and Human Services, used to determine whether an individual is eligible for an exemption from the individual shared responsibility payment because of a lack of affordable minimum essential coverage under § 5000A(e)(1)(A) for plan years beginning after calendar year 2015.
Notice 2014-76 and Revenue Procedure 2014-62 will appear in Internal Revenue Bulletin 2014-50 dated Dec. 8, 2014.
Source: Internal Revenue Service as noted in IRS Guide Wire