Obamacare tax form debuts

The IRS has introduced the new form for people who got subsidized health insurance through the Affordable Care Act exchange in 2014. As you may recall, subsidies are actually tax credits paid in advance (to the insurance company), and this year's filing is when recipients find out whether they got too much or too little.

Tompor

You should get this form from the government by the end of this month, and as USA Today's Susan Tompor reports, you don't want to lose it: "Top of the list of papers not to toss: any form 1099, any W-2, and new forms related to the Affordable Care Act."

I was perplexed by the time estimate included in the instructions for the new form 1095-A: 0.3 minutes to "complete and prepare this form." I can't imagine reading any tax form, let alone completing it, in 18 seconds. But a volunteer tax preparer with the AARP called to note that the taxpayer doesn't actually have to do anything to prepare this form, other than open it and make sure it's part of the 2014 filing. So that 18 seconds may just be the time it takes government computers to spit out your form.

But don't expect things to be quick and easy if you're reporting Obamacare benefits -- or trying to figure out whether you owe the new penalty for being uninsured.

"It will be very complicated this year," the tax volunteer said, echoing a refrain heard across the board. "It's going to be confusing. People who are already confused with their taxes, it's going to get worse."

If you're filing taxes in the Charlotte area, let me know your experience.

And if you've got suggestions about the form itself, let the IRS know: "If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. You can write to the Internal Revenue Service; Tax Forms and Publications Division; SE:W:CAR:MP:T, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224."

I'm thinking it would take me more than 18 seconds just to write that address on an envelope.