There are a few key things to know about Obamacare when filing your taxes. Every state requires a minimum amount of health insurance to remain free of penalty from the government at tax time. If you are uninsured, you will most likely have to pay an ever-increasing penalty when you file your taxes. Fees for 2014 are 1% of your income, fees for 2015 will be 2% of your income, and the amount is likely to steadily increase as time goes on. Although there is a cap of about $1000 per family per year for being uninsured, that is a steep penalty for most people who depend on their tax refund money to keep them afloat during part of the year.
A few big changes have been made, and if you have done what was expected of you during the year, your taxes should be relatively easy to file without penalty. The Affordable Care Act was designed to help people who are uninsured or under-insured obtain medical coverage even with pre-existing conditions, and has changed the way that taxes are done for many people.
Many people will qualify for a government subsidy to help take care of most if not all of your insurance costs if they have purchased health care for themselves or their families through the Affordable Care Act. Depending on big life changes such as marriages, births, deaths, divorces, and in some cases natural disasters, you will have to fill out some new forms this year to ensure the accuracy of the amount of your health care subsidy.