Client login
Client login

Health Care and Your Taxes

CFP-Denver-57.png

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!

Explore what’s possible for you during your retirement

Feel Like You Paid Too Much in Taxes? Here’s How to Prepare for Next Year

A day that no one looks forward to is upon us—tax day. Whether you did your 2021 taxes in February or are scrambling to complete them now, finishing i...

April 7, 2022

Changes and Challenges for Tax Season 2021 - Here’s What You Need to Know

Tax season is never fun. Between the lingering economic impact of COVID-19, and the changes that come along with a new administration in the White Hou...

February 10, 2022

5 Retirement Plan Options for the Self-Employed

You’ve probably heard about the Great Reassessment. Millions of workers are leaving their jobs every month, searching for better opportunities or more...

January 27, 2022