The Patient Protection and Affordable Care Act – also referred to as Obamacare – established a new federal income tax penalty for failure to carry so-called “minimum essential coverage.” Last year was the introductory year for the penalty, which can potentially be owed for any month when qualifying health coverage was not in force. (In IRS-speak, the penalty is called a “shared responsibility payment.”)
You don’t have to worry about the penalty if you (and all members of your family, if applicable) had qualifying coverage for all of last year. In this case, simply check the box on line 61 of Form 1040, and you’re done.
Two things Obamacare will do to your 2014 taxes – MarketWatch