KHTS Radio Santa Clarita Radio – Santa Clarita News
Ed. Note: The following content was provided by Liberty Tax who is a client of KHTS AM-1220.
Open enrollment for the affordable care act begins Nov. 15, and although taxes aren’t due until April, your healthcare or lack there of, might affect your tax refund.
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Liberty Tax’s “Tip of the Week,” from Ritu Khadiya at Liberty Tax, is to seek tax help early to avoid tax implications from not having health insurance.
The Affordable Care Act (also known as Obamacare) requires Americans and legal residents to have health insurance, according to Liberty Taxes website. In addition, large employers are required to offer affordable health insurance that meets minimum essential requirements.
“Any individual, family, or part of a family that does not have health insurance for more than 90 days in a given year will be subject to a penalty that will be paid through their tax return,” according to officials at Liberty Tax.
It can be tricky if you are planning on just taking the penalty over getting health care, according to Khadiva.
“The tax implication is a penalty of 1% which they called shared responsibility,” said Khadiya. “But it’s basically a penalty on your taxes.”
The “shared responsibility penalty” is a small fine this year, but as the years go on, if you continue to not have health insurance, the penalties get worse.
Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.The fine is 1% of your adjusted gross income or $95, whichever is higher, according to Khadiya.
“Next year, in 2015, it will be 2%, and will continue to go up,” said Khadiya. “We at Liberty Tax can help you get that fee lower, or even gone.”
“If you can’t afford healthcare, If you qualify, you can receive Premium Credits or subsidies through the Marketplace. If your family’s income is under 400% of the Federal Poverty Level you most likely will qualify for government assistance, according to Liberty Tax’s website. The Marketplace for your state will help you get qualified for any assistance to include expanded Medicaid availability in some states.
“If you have any questions, call us and we will help you. Liberty tax can help you calculate all of that,” said Khadiya. “We can walk you through it.”
Liberty Tax
26775 Bouquet Canyon Rd
Santa Clarita, CA 91350
661-296-1000
Time to dig down deep into your pockets and give Uncle Slam your money.