.....TAX SERVICES OF MILFORD.....

ABOUT THE AFFORDABLE CARE ACT

 

THE AFFORDABLE CARE ACT (OBAMACARE) HAS MADE THE IRS RESPONSIBLE FOR MAKING SURE EVERYONE HAS HEALTHCARE INSURANCE.

 

AS OF 2014 THIS HAS BECOME A PART OF EVERYONE’S TAX RETURN AND MUST BE ADDRESSED.

 

YOU WILL PAY A TAX IF YOU DO NOT HAVE FULL YEAR HEALTH COVERAGE OR AN EXEMPTION.

 

THE TAX IS CALCULATED ON YOUR INCOME TAX RETURN.


MINIMUM ESSENTIAL HEALTH CARE COVERAGE: MOST HEALTH INSURANCE PLANS QUALIFY as Minimum Essential Coverage.

 

WHO HAS TO HAVE MEC?:  YOU, YOUR SPOUSE and ANYONE ELIGIBLE TO BE A DEPENDENT.

 

SHARED RESPONSIBILITY PAYMENT  = PENALTY FOR NOT HAVING COVERAGE = TAX.


HOW MUCH IS THE PENALTY? : IT IS BASED ON SEVERAL FACTORS


THE FACTORS ARE : HOUSEHOLD INCOME, AVERAGE COST OF HEALTH INSURANCE AND PERIOD OF TIME UNCOVERED.

 

MARKETPLACE OR EXCHANGE : POLICIES PURCHASED THROUGH HEALTHCARE.GOV or A STATE RUN EXCHANCE e.g. Access Health CT.

                                                              

HOUSEHOLD INCOME : THE ADJUSTED GROSS INCOME ON YOUR TAX RETURN PLUS THAT OF DEPENDENTS REQUIRED TO FILE A TAX RETURN: (WITH CERTAIN MODIFICATIONS).

                                             

FORM 1095-A : YOU MUST HAVE THIS FORM TO COMPLETE YOUR TAX RETURN IF YOU PURCHASED YOUR HEALTH INSURANCE THROUGH THE EXCHANGE OR MARKETPLACE.
TAX SERVICES OF MILFORD
479 New Haven Avenue
Milford, CT 06460
P: 203-878-8544     F: 203-876-0459
E: info@taxservicesofmilford.com