First and foremost, said Jackie Perlman, principal tax researcher for The Tax Institute at H&R Block, all taxpayers this year will see a new check box on their 1040 federal tax return, where they'll be required to disclose whether they have had qualified health insurance all year, per the Affordable Care Act mandate.
"That is by far the biggest change this year, because this is the year when the individual mandate goes into effect," said Perlman. "If you purchased insurance through the health-care exchanges, or marketplace, you're going to get a brand-new form in the mail called a 1095A. Keep it in a safe place for filing your return."
If you or your dependents did not obtain minimal essential coverage, you will pay a penalty equal to 1 percent of your yearly household income, or a maximum of $95 per person, on your 2014 federal income tax return, due April 2015. That penalty increases to 2 percent of household income, or $325 per person, in 2015; and 2.5 percent of income, or $695 per person, in 2016. [snip]. The article continues @ CNBC, click here to continue reading.
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