The Affordable Care Act & Your Taxes

Understanding How The ACA Will Affect Your Filing

Tax season is a stressful time for many Americans. By April, you have to have gathered all of your paperwork from the previous year, sorted through it, at least partially understood it, and comprehended how you are supposed to report it to your state and federal governments. It can feel overwhelming to take on, and will unfortunately only get more complicated due to the changes implemented by the Affordable Care Act (ACA).

When you file your taxes this spring, you will be expected to report information about the health insurance coverage you had for the 2014 calendar year. This means you will have to go through a couple more steps when you file, but if you carried the legally required amount of coverage you should not have too much trouble completing this portion of your tax return. 

Furthermore, if you get your health care coverage through your workplace, filing this information with your taxes will be even easier. All you will need to do is check the box on the revamped Form 1040, saying that you carried minimal essential coverage in 2014. 

All in all, the government is doing everything it can to ensure that Americans are able to accurately report their information when filing their taxes this year. Everyone is learning how to abide by these new regulations this year, so the IRS is working to make information about the process easily available. If you are confused about what is expected of you when it comes time to file, do not be afraid to reach out to the experts for help. 

You should not be left trying to navigate the changing world of healthcare in the United States alone. To get a healthcare expert on your side, contact Sackett & Associates Insurance Services today. Serving Sonoma County, we are here to help you get the coverage you need, and actually understand it.