Affordable Care Act - Obamacare and Your Taxes
The most significant law that could have a negative impact on your 2016 refund is the Affordable Care Act (ACA), commonly referred to as Obamacare.
The penalty for not having medical insurance in 2016 can be $695 per adult and $347 per child — or 2.5% of Adjusted Gross Income (AGI) up to $2,085 per tax return. You may be able to get an exemption.
Not sure how it affects you?
The changes to this law are extremely complicated. We can help determine how it impacts you and if you qualify for exemptions to avoid or reduce your penalty.
Give us a call or visit a location today.