U.S. Individual Income Tax Return 2015 Checklist
For the 2015 tax year, compliance with the Affordable Care Act's shared responsibility provision requires verification of health insurance coverage on Form 1040. Taxpayers must reconcile advance premium tax credits through Form 8962 and report coverage status on line 61. The shared responsibility payment applies to individuals without minimum essential coverage who do not qualify for a health coverage exemption through Form 8965.
ACA compliance and health insurance requirements
All taxpayers filing a 2015 income tax return must address health insurance coverage on line 61 of Form 1040. The line includes a checkbox labeled "Full-year coverage" that you check if you, your spouse, and all dependents maintained qualifying health insurance coverage for every month of 2015.
Form 8965 documents health coverage exemptions granted by the Health Insurance
Marketplace or claimed directly on your federal income tax return. The Internal Revenue Service recognizes exemptions for circumstances including income below filing thresholds, hardship situations, and membership in exempt groups.
Individuals who enrolled in a Marketplace plan with advance premium tax credits must file Form
8962 to reconcile advance credit payments with the actual premium tax credit they qualify for based on final household income. You must attach Form 8962 to your tax return if advance payments were made on your behalf, regardless of whether you enrolled yourself or someone else enrolled you.
The Health Insurance Marketplace Statement, Form 1095-A, provides the information needed to complete Form 8962, including monthly premium amounts and advance credit payments. Keep
Form 1095-A with your tax records, but do not attach it to your return.
Ten-Step Filing Process
Step 1: Collect Income Documentation
Gather all Forms W-2 showing wages and salary income from employers. You must also collect
Forms 1099-INT for interest income, Forms 1099-DIV for dividend income, Forms 1099-MISC for miscellaneous income, Forms 1099-B for broker transactions, and Schedule K-1 from partnerships or S corporations.
Step 2: Obtain Health Insurance Coverage Forms
Request Form 1095-A from your Health Insurance Marketplace if you or any dependent enrolled in Marketplace coverage during 2015. Employers and insurers send Form 1095-B or Form
1095-C to document employer-sponsored coverage or other minimum essential coverage. You may use these forms to verify coverage months when completing line 61, though you do not need to wait for these forms before filing your return.
Step 3: Report Income on Lines 7 Through 21
Enter wages on line 7 using the total from box 1 of your W-2 forms. Report taxable interest on line 8a, qualified dividends on line 9b, and state tax refunds on line 10.
Step 4: Calculate Adjusted Gross Income
Lines 23 through 36 allow above-the-line deductions that reduce your adjusted gross income.
Eligible deductions include educator expenses, moving expenses reported on Form 3903, self-employed health insurance deduction, and deductible portions of self-employment tax from
Schedule SE. The student loan interest deduction appears on line 33, subject to the income phase-out limits detailed in the Form 1040 instructions. Line 37 shows your final adjusted gross income after subtracting all above-the-line deductions from total income.
Step 5: Choose Standard or Itemized Deduction
Select either the standard deduction on line 40 based on your filing status and age, or itemize deductions using Schedule A. The 2015 standard deduction amounts are $6,300 for single filers, $12,600 for married filing jointly, and $9,250 for head of household.
Step 6: Complete Capital Gains Reporting
Schedule D must be completed and attached if you sold stocks, bonds, mutual funds, or other capital assets during 2015. Long-term capital gains are taxed at preferential rates compared to ordinary income.
Step 7: Address Health Insurance Coverage Status
Check the "Full-year coverage" box on line 61 if you, your spouse, and all dependents maintained minimum essential coverage throughout 2015. Otherwise, complete and attach
Form 8965 to claim a coverage exemption. If you do not qualify for an exemption, calculate the
shared responsibility payment using the worksheet in the Form 1040 instructions and enter the amount on line 61.
Step 8: Reconcile Premium Tax Credits
Attach Form 8962 if advance payments of the premium tax credit were made for anyone on your tax return. Use information from Form 1095-A to complete Form 8962, which reconciles advance credit payments with your actual premium tax credit eligibility.
Step 9: Apply Tax Credits and Calculate Total Tax
Calculate your tax liability using tax tables or tax computation worksheets. Apply available credits, including child tax credit, earned income tax credit using Schedule EIC, education credits from Form 8863, and retirement savings contributions credit from Form 8880. Credits reduce your tax liability dollar-for-dollar after calculating the base tax on line 44.
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Step 10: Sign and Submit Your Return
Both spouses must sign Form 1040 when filing jointly. Attach all required schedules and forms in sequence, including Schedule A, Schedule C, Schedule D, Schedule SE, Form 8962, and
Form 8965. Paper returns must be mailed to the address specified in the Form 1040 instructions based on your state of residence and whether you owe tax or expect a refund. Electronic filing through IRS e-file provides faster processing and confirmation of receipt.
If you’re missing tax documents or want to ensure the numbers you enter match IRS records, we can help.
