How the Affordable Care Act Impacts Your Taxes

 

If you were expecting to see the end of the Affordable Care Act, guess again. After years of promising to repeal and perhaps replace the law, Congress failed again.  As such, the existing healthcare law is still in effect including penalties for non-compliance.

Taxpayers will be reporting their health insurance status on their tax returns. Following executive branch changes to healthcare accessibility, the IRS has responded by advising taxpayers that electronic returns that fail to answer the healthcare question will not be accepted. Paper returns that do not answer the question will be held by the IRS until futher information is received from the taxpayer.