Healthcare Reform and Your Taxes
In 2018 see the chart below showing 2016 rates as they apply to 2018, everyone must either have health insurance, pay the Shared Responsibility Payment or have an exemption. We have listed below many of the questions you probably have as to Affordable Care Act (ACA).
This chart shows the amount of Shared Responsibility Payment that will be required if you do not have insurance or an exemption. This responsibility payment will be paid as part of your 2018 1040 tax return. The Shared Responsibility Payment will not be required for the 2019 tax year.
If you are qualified for an exemption, see the chart below to determine how you obtain the exemption. For an exemption that can be claimed through your tax return, no submission to the Marketplace is required. If you need an exemption from the marketplace, these will need to be done prior to having your tax return completed. These exemptions will sometimes take from 2-4 weeks to process. We MUST have the Exemption Certificate Number (ECN) for EACH member of the household before we can file your tax return. To learn more about how to file for an exemption click here for info