Affordable Care Act Applies to Individuals
13/01/15 14:29 Filed in: ACA
Starting with the 2014 tax year, individuals and families must either carry health insurance meeting certain minimum standards or qualify for one of the exemptions to have coverage.
Otherwise, you, your spouse and dependents claimed on your tax return will be faced with an additional charge (or penalty) called the Shared Responsibility Payment.
To help people below a certain income level afford coverage, a premium credit is available to offset the cost of insurance. If you qualify based on income, this can be applied monthly to the cost of health insurance purchased through an insurance exchange or marketplace.
However, you should be aware that if you receive a premium credit and your household income goes up from the expected amount, you will have to repay some or all of the credit received.
We have received many calls from clients requesting assistance with the various tax rules.
If we can be of any assistance, please let us know and we will be glad to help.
Otherwise, you, your spouse and dependents claimed on your tax return will be faced with an additional charge (or penalty) called the Shared Responsibility Payment.
To help people below a certain income level afford coverage, a premium credit is available to offset the cost of insurance. If you qualify based on income, this can be applied monthly to the cost of health insurance purchased through an insurance exchange or marketplace.
However, you should be aware that if you receive a premium credit and your household income goes up from the expected amount, you will have to repay some or all of the credit received.
We have received many calls from clients requesting assistance with the various tax rules.
If we can be of any assistance, please let us know and we will be glad to help.