If you’re currently insured, you probably aren’t thinking about The Affordable Care Act right now. And you don’t need to be, since it doesn’t require you to do anything out of the ordinary for your filing for the 2013 tax year or your current insurance.
If you’re not currently insured or if you’re going to be making a change anytime soon, however, you’ll want to know that March 31 is the deadline for making enrollment decisions.
The IRS recently released a reminder about this deadline. Here are the things that may affect you.
- If you’re uninsured and want to purchase health care coverage through the Health Insurance Marketplace, you’ll need to enroll by March 31. When you get insurance through the Marketplace, you may be able to get advance payments of the premium tax credit that will help lower your monthly premium. You can learn more at HealthCare.gov.
- If you’re purchasing health insurance through the Marketplace, check your eligibility to claim the premium tax credit. If you’re eligible, you can either elect to have the advance payments sent directly to your insurer during 2014, or you can wait to claim the credit when you file your tax return in 2015. Learn more about the tax credit at this page on IRS.gov.
- If you’re currently receiving advance payments of the premium tax credit, you’ll need to report life changes such as income, marital status, or family size. You can report these changes at the Marketplace to ensure you’re receiving the proper amount of credit and won’t be in for a surprise come next tax season.
- Beginning January 2014, everyone is now required to have health coverage of some kind. If you’re deemed to be able to afford coverage but do not purchase it, remaining uninsured, you’ll need to make an individual shared responsibility payment when you file your 2014 tax return in 2015. Learn more about the Individual Shared Responsibility Payment at this page on IRS.gov.
If you’d like to find out more about the tax-related provisions of the Affordable Care Act, you can visit this page on IRS.gov.
Please feel free to contact me at (864) 836-3136 for an appointment if you’re wondering about eligibility or if you have other questions about your individual situation.