{"id":1228,"date":"2018-03-24T14:20:15","date_gmt":"2018-03-24T18:20:15","guid":{"rendered":"https:\/\/www.etax.com\/blog\/?p=1228"},"modified":"2019-07-09T13:18:47","modified_gmt":"2019-07-09T17:18:47","slug":"how-the-affordable-care-act-affects-your-taxes","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2018\/03\/24\/how-the-affordable-care-act-affects-your-taxes\/","title":{"rendered":"How the Affordable Care Act Affects Your Taxes"},"content":{"rendered":"<p class=\"p2\"><span class=\"s2\">The Affordable Care Act comes into play again at tax time. In the simplest of ways, that may include indicating on your tax form that you had health insurance during 2017. Other tax requirements related to the ACA become more difficult from there. <\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">When you file your tax return, you\u2019ll have to remain compliant with the Affordable Care Act and indicate such on your return. If your employer provided your health insurance during the tax year, you\u2019ll simply need to check a box on your Form 1040. The same is true for those who use Medicare or Medicaid. For most taxpayers, this simple box-checking is all that\u2019s necessary to keep their taxes ACA-compliant.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">If you received a subsidy of your health insurance through the health insurance marketplace by estimating your annual income, you\u2019ll either need to claim it or reconcile it at tax time. If your income is low enough, you\u2019d receive a monthly premium credit to offset the cost of your insurance. <\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">If you chose to have the premium credit applied instantly, and your payments were lower each month, you\u2019ll need to reconcile your credit at tax time. You may be surprised by what you discover. If you underestimated your income when applying for your health insurance credit, you\u2019ll have gotten more money back than the IRS intended. You\u2019ll have to account for this when you prepare your taxes.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">When you file your taxes and determine your actual income, you\u2019ll have to match this amount with the amount you used to apply for the credit. If your actual number is larger than your estimated amount, you\u2019ll have to pay a penalty for the premium. There are some options for relief for taxpayers with low income.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">The ACA also offers some exemptions from the requirement that every taxpayer be covered under some form of health insurance. If you are eligible for an exemption, you\u2019ll need to prove it on your taxes. The most common exemption is for those who cannot find affordable insurance through the marketplace, though several exemptions exist which can eliminate the requirement to be covered by the ACA.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Affordable Care Act comes into play again at tax time. In the simplest of ways, that may include indicating on your tax form that you had health insurance during 2017. Other tax requirements related to the ACA become more difficult from there. When you file your tax return, you\u2019ll have to remain compliant with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[2,150,596,595],"class_list":["post-1228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-filing","tag-aca","tag-health-insurance","tag-premium-credit","tag-the-affordable-care-act"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How the Affordable Care Act Affects Your Taxes - eTax.com\u00ae Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.etax.com\/blog\/2018\/03\/24\/how-the-affordable-care-act-affects-your-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the Affordable Care Act Affects Your Taxes - eTax.com\u00ae Blog\" \/>\n<meta property=\"og:description\" content=\"The Affordable Care Act comes into play again at tax time. 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