The Affordable Care Act was designed to make health insurance available and affordable for millions of Americans who did not already have coverage. The act originally said that anyone who did not have health insurance had to pay a penalty when they filed income taxes. The Tax Cuts and Jobs Act removed the Affordable Care […]
This article was last edited on Jan. 15, 2016. For updated information on the Affordable Care Act, visit Obamacare Changes and Open Enrollment. American taxpayers should remain aware of tax provisions in the Affordable Care Act that affect how individuals and families file their taxes. The health care law requires important tax forms, including two new […]
This year, there are some changes to tax forms related to the Affordable Care Act. For the first time, you will have to state whether you had health insurance, through an employer, one of the exchanges or purchased privately. And if you did not have health insurance, you could face a penalty. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law.
You will answer a question about your 2014 health coverage when you file your federal income tax return. If you did not have a minimum level of health coverage for all of 2014, your taxes could be affected. Here are a few things to know.
The health exchanges are now open, though some of you still have lots of questions about how the Affordable Care Act affects you and your family. Here’s a refresher on what you need to know.
The Tax Cuts and Jobs Act took effect in 2018. Some of the changes outlined in the act are permanent, while others will expire in December 2025. Here is a list of the most significant changes affecting the majority of taxpayers. Tax Law Changes Under the Tax Cuts and Jobs Act 1. Standard deduction increased […]