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Tax Effect Of The Affordable Care Act

MoneyTips

The Affordable Care Act (ACA, or ObamaCare if you choose) has most likely had a considerable effect on your health insurance. Did you realize that ObamaCare has had a result on your taxes also? Permit us to present a few of the tax implications of the ACA.

  • Private Required– If you are aware of only one ACA-related impact on your taxes, it is most likely this one. You are required to have a certified health insurance plan through some source– the federal exchange at healthcare.gov, a state exchange, company, or direct purchase from an insurance company. Certified plans are those that satisfy minimum criteria as laid out by the ACA. The specific insurance coverage required was abolished in the Tax Cuts and Jobs Act of 2017; however, this modification does not take effect until 2019.

    The charge for not having insurance for the 2018 tax year is the higher of $695 per adult in the home and $347.50 per kid up to $2,085 for a household, or 2 …

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