Obamacare, or the Affordable Care Act is now in the fourth year of providing health insurance. However, it will only be the third year of reconciling the healthcare requirements and the health insurance premium tax credit on your tax return in the spring. Health Insurance Penalty The fee, or insurance penalty tax, for going without health insurance increases each…
The Internal Revenue Service (IRS) announced that they would start enforcing ObamaCare’s individual mandate with the 2018 tax filing season, the first time the agency has done so since the mandate took effect back in 2014 — and a marked contrast to its policy for 2017. “For the upcoming 2018 filing season, the IRS will…
The Affordable Care Act (ACA) removed obstacles that prevented some people from buying health insurance but not everyone has signed up, and not everyone who did sign up kept their coverage. Because of that, millions will owe the individual shared responsibility payment, better known as the Obamacare penalty or ACA penalty when they file taxes. Who pays the…
