NEW YORK: The Internal Revenue Service has announced the on-time opening of the United States 2015 filing season and highlighted a growing array of online services, including help for taxpayers to understand how the Affordable Care Act (ACA) will affect them and the availability of the Free File program.
The IRS will begin accepting and processing all tax returns on January 20, and taxpayers will have until April 15, 2015, to file their 2014 tax returns and pay any tax due. The IRS expects to receive about 150m individual income tax returns this year, with more than four out of five returns being filed electronically.
The IRS confirmed that, although 2014 tax returns will include new questions to incorporate provisions of the ACA, the majority of taxpayers – more than three out of four – will simply need to check a box to verify they have health insurance coverage. For the minority of taxpayers who will have to do more, its website features useful information and tips regarding the premium tax credit, the individual shared responsibility requirement, and other tax features of the ACA.
