For Immediate Release
February 18, 2014
|CONTACT: Martha O’Gorman
Chief Marketing Officer
(800) 790-3863 ext. 8022
Liberty Tax Service Reminds Individuals of the Affordable Care Act Deadline
(February 18, 2014) – The deadline to be in compliance with the Affordable Care
Act (ACA), commonly known as Obamacare, is fast approaching. Liberty Tax Service,
a subsidiary of JTH Holding, Inc. (NASDAQ: TAX), is reminding Americans that in
order to avoid being penalized, they must have health insurance for themselves
and their dependents by March 31, 2014. For individuals who sign up by February
15, their healthcare plan will begin on March 1, 2014.
who do not have health insurance and do not qualify for an exemption from the
individual mandate of the ACA, they will have to pay the Shared Responsibility
Payment on their tax return in 2015. The penalty will be the greater of 1% of
their income or $95 per adult and $47.50 per child.
exemptions from the penalty are listed below. Individuals or families may be
are uninsured for less than 3 months throughout the year;
would cost more than 8% of their household income to pay for the insurance
premiums for the lowest level plan;
household income is less than the filing requirement;
are recognized as a member of a Native American Tribe;
are part of a recognized health care sharing ministry;
are a member of a recognized religious organization that is opposed
to receiving benefits;
are not legally present in the United States; or
qualify for a hardship exemption.
Some may be
eligible for subsidies that can help pay for health insurance premiums. If the
individual’s household income is less than 400% of the Federal Poverty Level,
$46,680 for an individual or $95,400 for a family of four, they may qualify for
the Premium Tax Credit (PTC). The PTC can be received in advance to help pay
for health insurance costs or it can be received through a tax return. The
amount of the PTC received is based on the individual’s household income and
family size. If an individual receives the PTC in advance, it will be
reconciled on their tax return.
information on health insurance and the government subsidies visit Liberty
Tax’s health care website at www.healthcaretaxinfo.com
or call 800-673-8600.
About JTH Holding, Inc.
Founded in 1997 by CEO John T. Hewitt,
JTH Holding, Inc. (NASDAQ: TAX), is the parent company of Liberty Tax Service. Liberty
Tax is the fastest-growing tax preparation
franchise and has prepared almost 16 million individual income tax returns in
more than 4,500 offices and online. Liberty Tax’s online services are
available through eSmart Tax, Liberty Online and
DIY Tax, and are all backed by the tax
professionals at Liberty Tax locations and its nationwide network of over
30,000 tax preparers. Liberty Tax also supports local communities with
fundraising endeavors and contributes as a national sponsor for many charitable
causes. For a more in-depth look, visit Liberty Tax Service and
interact with Liberty Tax on Twitter and Facebook.