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It’s officially tax time — everyone’s favorite time of year. In addition to making sure you’ve got all your finances in order, there’s one new thing you need to remember this tax season: to report your health coverage on your tax return. To make sure you get credit for your coverage — and to make sure you received the financial assistance that you qualified for in 2014 — it’s important to report this information when you file your taxes.

Here’s what you need to know:

Reporting Your Coverage

The Affordable Care Act (ACA) requires almost everyone to enroll in minimum essential coverage (MEC). This requirement to enroll in coverage is often referred to as “the individual mandate.”

If the individual mandate applies to you, you need to report your health coverage on your annual tax return. Those who are subject to the mandate but fail to enroll in minimum essential coverage — or fail to report their coverage — and do not qualify for an exemption may be required to pay a penalty.

Individuals whose entire tax household had minimum essential coverage for the whole year can report their coverage simply by checking a box on Internal Revenue Service (IRS) Form 1040, 1040A or 1040EZ. No further action is required.

Have more questions? Check out this great resource. More helpful tips can be found here.

Claiming an Exemption

The ACA exempts some people from the individual mandate. That means they do not have to pay a penalty if they do not enroll in coverage. If you believe that you qualify for an exemption, carefully consult HealthCare.gov and any state coverage requirements.

Most people who qualify for an exemption need to report their exemption on IRS Form 8965. For some exemptions, you must first obtain an exemption certification through the marketplace in the state where you live and claim the exemption on your tax return. Other exemptions, however, only need to be claimed on your tax return. Detailed instructions for applying for and claiming exemptions can be found here.

Reporting Your Financial Assistance

The ACA helps make health coverage more affordable by making financial assistance available to people who are eligible and enroll in coverage through the marketplace. Financial assistance for health coverage comes in the form of premium tax credits and cost-sharing reductions. Individuals who received or want to claim premium tax credits must complete and submit IRS Form 8962, “Premium Tax Credit,” with their tax returns.

To help enrollees fill out this form, state marketplaces will send enrollees a tax form called 1095-A, “Health Insurance Marketplace Statement.” The 1095-A form is intended to assist you with completing your tax return, including completing IRS Form 8962. Keep an eye on your mailbox — your 1095-A form should arrive soon!

Have more questions about reporting or claiming financial assistance for health coverage? Check out this great resource. More helpful information about the 1095-A form can be found here.

As more women and families sign up for insurance in state and federal marketplaces, it is important that they take the right steps to ensure that their tax returns — inclusive of income, household size, health coverage, and financial assistance information — are accurate. The National Partnership for Women & Families has developed a fact sheet that describes the requirements in simple, straightforward language: Preparing for Tax Time. Great resources and tools from HealthCare.gov and the IRS are available here and here.