Tax Tips: Reporting Your Health Insurance
The Affordable Care Act is still the law of the land, for now. And that’s important to remember when doing your taxes.
FOX’s Carole Zimmer with a FOX News Radio Tax Tip:
ObamaCare and your taxes, I’m Carole Zimmer with your FOX News Radio Tax Tip.
ObamaCare or the Affordable Care Act requires that all U.S. citizens and legal residents have health insurance for the entire year. So you will have to report your health insurance information on your 1040 tax form.
CPA Barbara Taibi is a partner at the firm EisnerAmper:
“The Affordable Care Act will impose a penalty on families that have not had health insurance for three consecutive months.”
You could have a maximum penalty of more than $2,000 for a family of four if you didn’t have health insurance for the entire year.
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I’m Carole Zimmer, FOX News.
