Tracy’s Tax Tips: Obamacare

What does Obamacare mean to your income tax situation? Potentially a lot…

FOX Business Network’s Tracy Byrnes reports in “Tracy’s Tax Tips”:

We have been talking about the Affordable Care Act for a while now and it’s finally starting to kick in and you could feel the pain in 2014.

I’m Tracy Byrnes with the FOX Business Network, here with Tracy’s Tax Tips.

Well, if you do not have health insurance in 2014 — and you don’t otherwise meet certain exemptions — you’re going to have to pay up.

The Internal Revenue Service calls it a “shared responsibility payment.” Other folks call it a penalty. Still others, including the United States Supreme Court, call it a tax or a fee. No matter what you call it, if you don’t have health insurance and don’t otherwise meet certain provisions, you will have to cough up either 1% of your taxable income or a flat fee of $95 per uninsured adult and about $48 per uninsured child (that maxes out at $285 per family), but either way, whichever amount is higher you pay. But don’t fret just yet: now this penalty is due when you file your 2014 tax return, that’s in April of 2015. But I wanted to give you an early heads up about this.

I’m Tracy Byrnes Fox News Radio.

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