What will the Affordable Care Act mean to you at tax time? Individual taxpayers will notice they’re asked for some additional information on their tax returns this year because the law requires you to confirm that you have health insurance. You may also receive a new kind of tax document—Form 1095-A—if anyone in your family signed up for coverage through a Health Insurance Marketplace. Another development to keep in mind: You may be able to claim a premium tax credit, depending on your income as well as a few other factors, which will either reduce the cost of your premiums or provide a reduction in tax. On the downside, you could owe a penalty if you don’t have qualified health insurance, although some penalty relief may be available.
If you’re not certain how the law’s tax opportunities and consequences apply to you, be sure to contact us. We can help you determine whether you’re in compliance and offer advice on your taxes, health insurance coverage or any other financial concern.