Tax Refund Options
The passing of the Affordable Care Act has created an intersection between health care and taxes. The ACA is a tax law that requires all Americans to have health insurance or a coverage exemption. The law requires health plans to meet minimum criteria and allows individuals to acquire health insurance even with a preexisting condition.
All tax filers must report their health coverage on their tax return. Those who do not have health insurance coverage will pay a tax penalty if they do not qualify for a coverage exemption. The penalty will be enforced by the IRS.
Persons who enroll in a Marketplace plan may receive a Premium Tax Credit, also known as a tax subsidy, which are available to individuals and businesses to lower the cost of having insurance. This credit must be reconciled on your tax return.
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