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yes no how will the aca affect your taxes?

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HOW WILL THE ACA
AFFECT YOUR TAXES?
WE’LL
HELP
Do you and your family
have health insurance?
START
YES
NO
Were you covered
all year? (No lapse of more
Were you exempt from
having health insurance?
than three months in a row)
Common Exemptions**:
Does your insurance provide
minimum essential coverage?
Yes
Your income is too
low to file a federal
tax return
No
The following health insurance plans provide minimum
essential coverage*:
• Insurance purchased through the Marketplace
• Medicare, Medicaid, or other goverment programs
• Employer-provided insurance covering at least 60%
of covered costs
Health insurance for
you and your family
would cost more than
8% of your 2014
household income
* For a deeper look at Minimum Essential Coverage check out 1040.com!
Short-term coverage
gap (No lapse of more
than three months in a
row)
Great,
You won’t
have a
penalty!
** While there are many other exemptions,
these are the most common.
you’re all set!
Yes, I’m
exempt.
Not
exempt.
PENALTY
The ACA requires most Americans to have health insurance, unless you’re exempt. The
penalty for being uninsured in 2014 is either $95 per adult and $47.50 per child under 18,
or 1% of your yearly household income, whichever is greater.
95
$
per adult
&
47
.50
$
per child
or
1% $$
yearly income
When you do your taxes with 1040.com, we’ll figure any penalty for you automatically.
YOU MAY QUALIFY FOR HELP
Purchased health insurance through the Marketplace? If so, you might be eligible for the
Premium Tax Credit. You may have even decided to receive help on the front end to lower
your monthly insurance payments.
Don’t worry, we’ll make sure you get all you qualify for. The Marketplace will send you
Form 1095A at the end of January. When you file your taxes with 1040.com, you’ll enter
some numbers from the 1095A, and our app will do the rest.
Note: If you're receiving advance payments of the premium tax credit to help pay for your health insurance coverage, you should report life
changes, such as income, marital status or family size changes, to your Marketplace. Reporting changes will help to make sure you get the
proper amount of credit.
CONNECT WITH US:
© 2014 1040.COM
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