Sunday, January 4, 2015

The Affordable Care Act - accountability required

For the first time since passage of the Affordable Care Act in 2010, U.S. citizens will be required to report if they had health insurance coverage on their 2014 tax returns.  Currently, the IRS is expecting people to report honestly on their health insurance status.  If a person did not have health insurance, and indicates this lack of coverage on their tax return, they will also be required to calculate and pay the penalty.  Penalties begin at $95 and can be as high as 1% of the person's annual income.  Some people can apply for exemptions or tax credits, depending on current income and status.

If you have questions about your responsibilities for reporting on your 2014 tax return, it might be best to consult a tax professional.  They are trained to stay on top of the current tax regulations.

For more information, please see:

Image result for tax image

Valerie J Connor, MA CCC-SLP


Post a Comment

About Me

Kaplan Center for Health and Wellness
View my complete profile