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Changes to the Patient Protection and Affordable Care Act Provisions for 2023
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Individual Information Returns
Starting early in 2024, you may receive one or more forms relating to the health care coverage you had or were offered during the previous year. Similar to Forms W-2 and 1099, which include information about the income you received, these health care forms provide information that you may need when you file your individual income tax return. Also, like Forms W-2 and 1099, these forms will be provided to the IRS by the entity that provides the form to you. The forms are: |
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Employer Mandate
The employer mandate (which requires large employers to cover full-time workers) started in 2022 for businesses with more than 100 full-time equivalent employees. In 2023, the employer mandate went into effect for employers with between 50-100 full-time equivalent employees. |
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Small Business Health Options Program and Tax Credits
Small businesses with 50 or fewer full-time equivalent employees (FTEs) are able to use the Small Business Health Options Program (SHOP) to get coverage and apply for health insurance tax credits. Even if your business didn't qualify for tax credits, you could still use SHOP if you meet the FTE requirement. For more details, visit healthcare.gov to find your state's SHOP portal. Also see Form 8941, Credit for Small Employer Health Insurance Premiums. |