Affordable Care Act could impact your federal income tax return

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HIGH POINT, N.C. — Certain parts of the Affordable Care Act, which is now the Health Care Law, may affect your federal income tax return when you file this year.

According to the IRS,  most families will simply check a box on their tax return to indicate that every member of their family had health coverage throughout the year.

Those without qualifying health care coverage will not get an exemption and will have to make an individual shared responsibility payment.

In addition, some who purchased coverage through the Health Insurance Marketplace will qualify for a premium tax credit.

Anyone who purchased coverage through the Marketplace will receive a coverage statement in the mail by early February. If you expect to receive a form and don’t, contact the Marketplace.

Those who didn’t purchase coverage through the Marketplace will not receive those tax information documents until next year.

To make the filing process easier the IRS suggests that taxpayers gather the following documents in advance to streamline the process:

  • Proof of Insurance
  • Documents supporting exemptions and hardships
  • 1095-A, Health Insurance Marketplace Statement (coverage statement mentioned above)

For more information visit the IRS website.

 

 

 

 

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