The Affordable Care Act: The Implications for Your Tax Returns

The Patient Protection and Affordable Care Act, commonly called the Affordable Care Act (ACA), and also known as “Obamacare,” is a new US law aimed at reforming the American health care system. For those who are not covered by an employer-covered plan for the entire year, this could mean some significant changes to your tax returns for 2014 and going forward. The main object of this publication, then, is to take a detailed look into the filing requirements of the individual, and how the ACA will impact on the Federal tax return of some individuals, and in particular, those who are not covered by an employer-covered plan for the entire year, and who have purchased, or will have to purchase coverage through the Marketplace, in order a avoid a penalty.