Under the Affordable Care Act (ACA) or ObamaCare, there is a requirement when you file your 2015 income tax return to disclose whether or not you and your dependents were covered by qualifying health insurance during all 12 months of 2015. If you did not have coverage for any period during the year, you will be subject to a penalty unless you qualify for an exemption. This penalty varies depending on your particular situation but is calculated as the greater of $325 per person or 2% of your household income. Make sure that your tax return includes the correct information related to your health insurance.
If you need assistance with your tax return preparation or have questions call Ketel Thorstenson today.