Affordable Care Act Law: Status Update

Posted by on Mar 30, 2015 in Tax Tips | Comments Off on Affordable Care Act Law: Status Update

The Affordable Care Act law, commonly referred to as ObamaCare, was first introduced in December 2009 and was signed into law in March 2010. Because the act has undergone many challenges and changes since it was introduced, there is a lot of confusion regarding what it is and how it affects Americans.

In this post, we’ll review the law’s implementation status and how it works at a state and local level.

Is ObamaCare Fully Implemented Now?

The short answer is:  no.

The Affordable Care Act is still being implemented and, in fact, it is still being defined and litigated. There will be a Supreme Court case in August to determine whether people in Indiana (and many other states) who bought their insurance off of the federal exchange and received credits will continue to receive those credits.

Depending on how the case turns out, those individuals who received credit may actually owe those credits back.

Which States Have Exchanges?

Thirteen states have developed their own exchanges. Indiana is not one of those states. So, therefore, everyone in Indiana who has purchased insurance off of the health insurance marketplace has purchased that insurance from a federal exchange.

If you have received a tax credit or premium as a part of the Affordable Care Act, ObamaCare will definitely impact your taxes this year. If you do not currently have health insurance or if your health insurance doesn’t meet the Affordable Care Act’s requirements, you may be required to pay a penalty.

Information about your health insurance will be included in your tax return this year. Because this is new territory, it’s best to work directly with a tax professional rather than relying on a software system that doesn’t understand all of the factors at play in your tax return. TurboTax has already experienced several issues this year, as frequently mentioned in the news.

The tax experts at Baker Retirement and Wealth Management, P.C. are here to help you file your taxes. We understand the nuances of tax law as well as your individual circumstances, making us the clear choice for all of your tax needs. We have been serving the greater Evansville area, including Newburgh, Jasper, Mount Vernon, Owensboro and beyond for nearly thirty years.

Stop worrying about your taxes and call Baker Retirement and Wealth Management today at 1-866-244-3517.

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