FRANKLYWNOW - Affordable Care Act Changes the Way We Complete Tax Return

Affordable Care Act Changes the Way We Complete Tax Return

The Affordable Care Act has changed the way many get health insurance. It's also changing our tax return.

With 46 new ACA-related laws on the books it's the largest change to the tax law in decades. Some changes you need to know about? If you purchased health care through the exchange in 2014 you will need to include a new form called a 1095-A on your return. You may also be in line for a refund if you bought insurance through the marketplace but overestimated what your household income would be in 2014. Then, of course, there is the penalty you pay if you didn't have health insurance in 2014.

"The penalty is 95 dollars or it is one percent of their household income. It is the greater of the two of those. And for children that do not have health insurance it's half. It's $47.50 for each child," said Cheryl Cetton, Tax Preparer at H&R Block.

Cetton says that for 2015 the penalty for not having health insurance goes up. It will be $325 or 2 percent of household income, whichever amount is greater. and it goes up even more for 2016.
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