WE have to be made MORE aware this time around. ... ... Affordable Care Act Tax Provisions for Individuals and Families The Affordable Care Act, or health care law, contains new health insurance coverage and financial assistance options for individuals and families. The IRS will administer the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and financial assistance. ~~ Do I need to do anything right now to get ready for the changes coming in 2014? All you have to do is educate yourself by going to the Health Insurance Marketplace on HealthCare.gov. If you and your family have health care coverage, you may not have to do anything different in 2014 Considerations for 2013 Open Enrollment for the Health Insurance Marketplace: The open enrollment period to purchase health care coverage through the new Health Insurance Marketplace begins Oct. 1, 2013. When you get health insurance through the marketplace, you may be able to get the new advance Premium Tax Credit that will immediately help lower your monthly premium. Learn more at HealthCare.gov. Filing Requirement: If you do not have a tax filing requirement, you do not need to file a 2013 federal tax return to establish future eligibility or qualify for future financial assistance, including the advance Premium Tax Credit to purchase health care coverage through a Health Insurance Marketplace. Learn more at HealthCare.gov. W-2 Reporting of Employer Coverage: Certain employers are required to report the value of the health insurance coverage they provide. The value of health care coverage as reported by your employer in box 12 and identified by Code DD on your Form W-2 is not taxable. Itemized Medical Expenses: You can deduct your un-reimbursed medical and dental expenses that exceed 10 percent of your adjusted gross income on your 2013 tax return. The 7.5 percent threshold will remain for those 65 and older for tax years 2013 through 2016. Other ACA Tax Provisions: Additional Medicare Tax, Premium Rebate for Medical Loss Ratio, Health Flexible Spending Arrangements, Health Saving Accounts, and Net Investment Income Tax. irs.gov/uac/Affordable-Care-Act-Tax-Provisions-for-Individuals-and-Families https://healthcare.gov/
Posted on: Fri, 02 Aug 2013 01:48:55 +0000
Trending Topics
Recently Viewed Topics
© 2015