Issue Number: HC-TT- 2014-06
Inside This Issue
Four Tax Facts about the Health Care Law for Individuals
This article is from the IRS website, and provides helpful tips on Affordable Care Act. When you read the article notice how the word "may" is used.
Example: Health insurance choices you make now "may" affect the income tax return you file in 2015. The Affordable Care Act, I thought was law, and words like "may" are
supposed to be replaced with "shall." As we draw closer to the 2014 elections I suspect we'll see more changes to law. Stay tuned...we'll keep you in the know.
Please read the four tips below:
There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015.
1. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014.
2. If you do not have health insurance through your job or a government plan, you may be able to buy it through the Health Insurance Marketplace.
3. If you buy your insurance through the Marketplace, you may be eligible for an advance premium tax credit to lower your out-of-pocket monthly premiums.
4. Your 2014 tax return will ask if you had insurance coverage or qualified for an exemption. If not, you may owe a shared responsibility payment when you file in 2015.
What should you do now?
If you or your family does not have health insurance, find out more now. Talk to your employer about the coverage they offer, or visit the Marketplace online.
Find out more about the health care law and health insurance in Utah visit: www.utahinsurancesolutions.com/health_insurance_utah/
Find out more about the premium tax credit and the shared responsibility payment at www.IRS.gov/aca.