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Health Care and Your Taxes


The final tax countdown is officially on. Most tax payers have less than a week left to either file their return or file for an extension. One of the main variables this year is the incorporation of the Affordable Care Act tax provisions. 

The IRS has released a few helpful and interactive tools to determine the effect on your taxes this year. The Interactive Tax Assistant can help walk you through various tax issues. 

Two of the main Affordable Care Act Questions are the following: 

1. Am I eligible to claim the Premium Tax Credit? 

This tool only takes 15 minutes. You will need the number of your dependents, your adjusted gross income and whether any member of your household was eligible or covered by any insurance that is considered 'minimum essential coverage.' 

2. Am I required to make an Individual Shared Responsibility Payment? 

Again, this is a quick, interactive tool describing if you need to make a payment. You will need to know your filing status, if you have any dependents and your adjusted gross income. 

Were you affected by the health care provisions on this year's tax return? What was your experience? 

Ready to take the next step?

Let’s talk!

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