With tax season in full swing, the new affordable care act has also kicked in. On the 2014 tax year federal return it is required to indicate whether or not you have health insurance(individual shared responsibility provision). You need to let your tax preparer know if you do or do not have health insurance coverage. They have decided to give you a penalty if you don’t indicate your health insurance status.
To determine whether or not you have qualifying health care coverage check out this IRS link.
from IRS.gov:
“Tax Time and the Health Care Law: The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return. No further action is required. For those who purchased coverage through the Marketplace, you may be eligible for the premium tax credit. This is the first year that you will report health coverage on your tax return.”
The health care reform is going to be a change for all of us, but we constantly monitoring how these changes affect your taxes. For tax updates and tips for business and finance check us out on social media and our website www.p-raccting.com .
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