We recently came across a handy calculator from The Henry J. Kaiser Family Foundation which estimates a taxpayer's premium tax credit and health-insurance premium cost through the Affordable Care Act's Health Insurance Marketplace, and wanted to share it with everyone. As you populate the required fields, please reference the "Frequently Asked Questions" section of the [...]
As we mentioned in a previous post, one of the biggest impacts on individual taxpayers of the Affordable Care Act (“Obamacare”) is an excise tax known as the “Shared Responsibility Payment.” In short, there will be a penalty for individuals not having qualifying health insurance beginning in tax year 2014. The 2014 penalty is calculated [...]
Tax year 2014 represents the first year that two critical components of the Affordable Care Act (ACA, also known as “Obamacare”) will begin to impact individual taxpayers: Shared Responsibility Penalty for individuals without health insurance: The ACA generally requires individual taxpayers to pay an excise tax for each month, beginning January 2014, in which they [...]