Affordable Care Act - Where Health care and the Tax Return Meet
The Affordable Care Act requires most all Americans to carry health insurance. Individuals must acquire health insurance that meets minimum standards or face a tax penalty. Tax credits, also known as subsidies, are available to individuals to offset the cost of having insurance if their income falls within a range where tax credits are eligible.
The tax return is where the adminsitration of the tax credits and penalties will occur for individuals. The IRS will be the enforcement agency. Tax filers must report health insurance coverage information. Those who do not have health coverage may incurr a tax penalty that will be included on their return.
Review our expandand information and links under Health Care & Taxes.