Taxes and the Affordable Care Act
ObamaCare, also known as the Affordable Care Act, has seen many changes since it was signed into law in March 2010.
Taxpayers are beginning to see how ObamaCare impacts their taxes, as this year is the first year that taxpayers are required to indicate health insurance coverage status on their tax returns. Taxpayers who do not have coverage that meets the standards mandated by the Affordable Care Act will be subject to a penalty.
Let’s take a closer look at how this impacts you.
Impact on Taxpayers with Employer-Provided Plans
Taxpayers who rely on employer-provided health insurance plans may see an impact on their coverage and premiums. However, as long as their employers’ plans meet the requirements of the Affordable Care Act, taxpayers will not be affected on their tax returns. They will simply have to check a box on the return to indicate that they have coverage.
However, even taxpayers who have employer-provided plans are likely see other consequences. Many smaller plans have had to significantly increase premiums because employers are now required to accept individuals with pre-existing conditions. In order to protect themselves, these employers have raised plan premiums, which in turn impacts all employees.
Need Help with Your Taxes?
Do you have questions about the Affordable Care Act and your taxes? Contact the tax professionals at Baker Retirement & Wealth Management for more information and expert advice. ObamaCare can impact your taxes in several ways, so it’s helpful to work with a tax professional as you navigate filing your return this year. Call the Baker team today at 1-866-244-3517 to schedule your free appointment. We’ve been helping families and businesses in the Evansville, Indiana area for over three decades.Talk to a CPA for Free