As individuals prepare for tax season, many still don’t realize that the Affordable Care Act (ACA) law affects their tax return. This is why it’s a great idea to be prepared early to file your federal tax return. Every year, new requirements are made and you should understand how they can affect you and your household.
To help you prepare for filing your return, we’ve listed two important reporting requirements you should know about health care coverage.
- The ACA law requires that when filing your federal income tax return, you and your household must have health care coverage for the year, qualify for an exemption, or pay a penalty.
- Once you check the box on your tax return that you and your household have health care coverage, no further action is required. Check out the Minimum Essential Coverage Chart to see if your type of insurance qualifies.
To find a Liberty Tax® ACA Advisor at your local Liberty Tax® office, call 800-673-8600 or visit www.healthcaretaxinfo.com