The tax effects of the Affordable Healthcare Act (AHC) began at the start of 2014, and many people who didn't have coverage last year are in for an unpleasant surprise at tax time. In short, based upon a number of variables including income, a lack of coverage may result in a penalty which is figured on the Federal Tax Return. There are some exceptions, but if you were without coverage in 2014, this may be the year to seek the advice of a Tax Professional. I can help you determine how much (if any) the penalty is, and if you qualify for an exemption. I can also tell you what the projected penalties will be in 2015 and 2016, for those people who continue to go without coverage.
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AuthorWade R. Crutchfield, L.T.C. Archives
December 2023
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