Obama Care: How it affect you

If you and your dependents had qualifying health coverage for all months of 2014 from a source other than the Health Insurance Marketplace, you'll just need to check a box on your federal income tax form. You won't get a Form 1095-A. You don't need to fill out any new forms. Please send us a proof of insurance such as insurance card or 1095 B or 1095 C.

Anyone who purchased health insurance through the Affordable Care Act Health Insurance Marketplace will receive a 1095-A form in the mail that they will need in order to file their tax return. According to the Internal Revenue Service, a 1095-A form is a Health Insurance Marketplace statement with information about how much the government subsidized each month.

People who didn't have health insurance coverage in 2014 will be required to pay either 1 percent of their yearly household income or $95 per person for the year, whichever is the highest amount. This penalty will increase in 2015, costing 2 percent of yearly household income or $325 per person for the year.

The penalty will continue to increase every year, costing 2.5 percent of yearly household income or $695 per person in 2016, with inflation adjustments in years following.

If you received employer coverage part way through last year and were only in the insurance exchange for a few months, you will still need your 1095-A to account for the subsidies that you received.

If you were issued a hardship exemption by the Marketplace (Exchange). Provide all applicable exemption certificate numbers issued for each member of your family.

Under certain circumstances you may qualify for a "hardship" exemption to avoid having to pay a penalty for not having health insurance. Below are a few examples for hardship exemption.

* You are uninsured for less than three consecutive months of the year

* You are not lawfully present in the U.S.

* Your income is below the federal income tax filing threshold. In 2014 this is:

* Annual income below $10,150 for an individual under age 65

* $20,300 for a married couple filing jointly with both people under age 65

* You do not have access to affordable health insurance. This means:

* Health insurance would cost more than 8 percent of your household income.