H&R Block informing community of impact of Affordable Care Act on taxes
Mon, 28 Jan 2013 19:02:20 GMT —
COLUMBIA (WACH) - President Obama's Affordable Care Act was passed last year, which means important changes are coming for everyone filing taxes starting with this tax season.
The income on your 2012 tax return will determine what your options are when signing up for health care coverage.
Under the Affordable Care Act, all Americans are required to have health insurance by 2014, or receive a tax penalty when filing taxes in 2015.
Tax returns this year will show whether individuals qualify for a tax credit to help cover that insurance cost.
H&R Block is holding open houses at 20 locations throughout the Midlands on Monday to help inform people on what their options are.
"If you don't qualify for a subsidy, and you don't have any insurance coverage when you file your 2014 return, then you will be subject to a penalty when you file your tax return," said Montgomery Owen with H&R Block.
For those who cannot attend an open house on Monday, H&R Block is setting appointments so everyone has the opportunity to figure out how income and taxes are affected by the Affordable Care Act.