Affordable Health Care Act (Obama Care)
The Affordable Care Act was passed almost three years ago with the goal of extending quality health insurance coverage to more Americans. The Act’s core requirements are that most Americans must have health insurance and that all but small employers must offer insurance to full-time employees.
To encourage compliance, the Act takes a carrot-and-stick approach: for both individuals and employers, credits are offered for those who need financial help with buying insurance, and penalties are defined for those who do not get insurance. These requirements, credits and penalties become effective January 1, 2014.
UPDATE: The U.S. Treasury Department has announced a one-year delay in the requirement for employers to offer insurance to their employers. That requirement will not go into effect until 2015, and the employer penalty will not be assessed until 2015. The January 1, 2014 deadline for taxpayers remains the same.
To help you prepare, we’ve created calculators to help you find what your projected credit (individuals only) and penalty would be. We also provide helpful FAQs to answer the very questions you likely have. Read on, or click the calculator links to get started.
If you still have questions call one of our tax professionals to assist at 1-888-202-3624.
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