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Tax Preparation in Bronx. The Affordable Care Act (also known as Obama Care) has the goal of improving health care by ensuring everyone in America has affordable health care coverage. Most Americans are required to have health insurance as of January 1, 2014 or face a tax penalty.

The IRS is responsible for making sure people follow the new laws. Taxpayers are required  to report the value of their health plan on their tax return. For those who don’t have coverage, they will have to pay a penalty if they don't qualify for an exemption. The penalties will increase each year.

Any individual, family, or part of a family that does not have health insurance for more than 90 days in a given year will be subject to a penalty that will be paid through their tax return & refunds.

​For complete info or to enroll go to www.HealthCare.gov.

EXEMPTIONS: If you did not have healthcare coverage starting January 1, 2014, you may not have to pay the penalty if you can prove one of these applies to you:

  • you are a member of a federally recognized Native American tribe 
  • you participate in a health care sharing ministry 
  • you are a member of a recognized religious sect with religious objections to health insurance
  • you are incarcerated
  • you are an undocumented immigrant to this country
  • you are unemployed and without coverage less than 3 months during the year
  • you have very low income and coverage is considered unaffordable for you (amount to pay for coverage would cost you more than 8% of your income)
  • you do not file a tax return because your income is too low; (in 2014, $10,000 for individuals and $20,000 for a family)
  • if your income is up to 133% of the Federal Poverty Level ($15,521 for singles; $31,721 for a family of four – in the 48 contiguous states and DC, higher in Hawaii and Alaska – source: Familiesusa.org)
  • if you would qualify for Medicaid under the new income limits, but your home state has chosen not to expand Medicaid
  • if you qualify for one of the hardship exemptions as defined by the IRS


​To be exempt from paying the fee, you must apply for this exemption through your state’s health insurance marketplace. To find your state’s Marketplace and more information about them, go to www.healthcare.gov/marketplace/individual


It’s important to remember that even if you do not have to pay the fee, if you do not have health coverage you will have to pay for your health care out of your pocket. It may be better financially for you if you purchase coverage through your state’s Marketplace.


Most people must have health coverage or pay a fee (also known as “the penalty,” the “individual shared responsibility payment,” or the “individual mandate”). Under some circumstances, you won’t have to make the payment. This is called an “exemption.”

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