What You Need to Know About ACA Before Filing Your Taxes

The Affordable Care Act (ACA), also known as Obamacare, will have significant impact on most taxpayers tax returns starting with the upcoming 2014 filing season.  Even people who never were required to file tax returns in the past will now be required to file a return to satisfy the requirements of ACA.

• Do you know if you will be receiving a Premium Tax Credit when you file your taxes?
• Will you be subject to a “Shared Responsibility” tax?
• Have you applied for your exemption?  Do you know how to apply for it?
• Do you know about the new forms you may be required to file with your next tax return?

This legislation requires all Americans and legal residents to have health insurance, or be subject to a penalty.  However, millions of Americans are eligible for exemption to this requirement; however, many of them have not completed the necessary application to receive an exemption.

Exemptions are available for a wide range of reasons, including religious objections, hardship, affordability of coverage, cancellation of coverage, and incarceration.  Some exemptions, such as those for hardship, require approval through the Health Insurance Marketplace, a process that takes approximately two weeks once applications are received.  Some suggest the process will take longer once tax season arrives, and that it may cause delays that last beyond April 15.

Free Informative Session:  A free informative session will be held Thursday, December 4th at 7:00 pm at the Corporate Parkway Branch Library, 1200 Corporate Parkway, Wentzville, MO 63385.  The informative session will be presented by Jeff Teismann. of the Liberty Tax Service in Wentzville.

Taxpayers who would like more information on this topic, or about the upcoming session, can contact Jeff Teismann at 636-327-7330 or jeffteismann@libertytax.com.  Taxpayers can also visit www.healthcaretaxinfo.com or can call 1-800-673-8600.