The affordable care act, or “Obamacare” as the media has dubbed it, won’t have a big effect on most peoples 2013 federal income tax return. For the most part, it is expected that the majority of people will not have to report health care coverage under the individual shared responsibility provision or claim the premium tax credit until 2015 when your 2014 return is filed.
While this is true for most people however there are exceptions, the following provisions will see their 2013 tax return affected.
- Increases in the itemized medical deduction threshold
- Additional Medicare tax
- Net investment income tax
If you don’t have a tax filing, filing a 2013 tax return is not necessary to qualify for financial assistance. This include payment advances of the premium tax credit to purchase health insurance through a healthcare provider.
Additionally it is important to note that the value of health care coverage reported by your employer is not taxable. This can be found in your w2 form on box 12 (Code “DD”)
If you’re interested in more information of how this or other factors might affect your taxes visit Healthcare.gov
