IRS Releases Draft Versions of New Affordable Care Act Forms
As a tax software company, we get excited when the IRS releases a new form for the upcoming season. Forms drive our development cycle, and the earlier we can get our hands on them, the better.
The Affordable Care Act forms have created heightened anticipation this year, and when the draft versions were finally posted to IRS.gov late last week, our developers and analysts were buzzing.
Form 8962, Premium Tax Credit, and Form 8965, Health Coverage Exemptions, are now available in draft form. We have already begun to evaluate the calculations, mock up data entry screens and design the best user experience for our customers. In addition to these two key forms, the following healthcare-related forms were released in draft form:
Other notable draft releases on July 24, 2014:
Form 1040 – U.S. Individual Income Tax Return (long form)
Form 1040-A – U.S. Individual Income Tax Return (short form)
Form 1040-EZ - Income Tax Return for Single and Joint Filers With No Dependents
Form 8941 – Credit for Small Employer Health Insurance Premiums
Form 1099-INT – Interest Income
Form 1099-DIV – Dividends and Distributions