The tax implications of the Affordable Care Act continue to evolve. Below are some descriptions, considerations, and requirements you might consider when organizing your tax documents.
If you purchased health insurance through the marketplace:
If you don’t have health insurance:
Under the ACA, if you do not have health insurance, you may face a penalty of up to $95 per adult or 1% of your total income, whichever is greater. There are a number of exemptions from paying this penalty that you may qualify for, including
Some of these exemptions must be applied for through the marketplace. If you apply and receive an exemption, please bring your exemption certificate number with your other tax documents. Other exemptions are applied for through your tax return. If you would like to apply for an exemption, please bring related documentation.
If your health care coverage changed during the year (for example, part of the year you had employer provided health insurance, and part of the year you had Marketplace insurance or were uninsured), consider all of the descriptions and considerations above that apply to you. In addition, let us know the specific date on which your coverage changed.
For more information, visit the IRS web page on the Premium Tax Credit.