Enactment and application of the Affordable Care Act brings new tax implications and. for some, complications.
H&R Block will open all 70 South Florida offices from 9 a.m. to 9 p.m. on Jan. 8 as “ACA Q&A Day” to provide tax support for those uncertain about the impact of new health insurance requirements on federal tax returns.
Each visitor will receive a free “ACA Tax Impact Analysis,” a personal review of how consumers’ taxes will be affected by the ACA. No appointment is necessary to participate.
With more than 46 tax code changes resulting from ACA legislation, Carlos Ponce, senior tax advisor at Coral Gables’ H&R Block office, said most individuals will have an impact on their taxes, noting two filers with the largest changes to forms and how refunds are calculated:
(1) Those enrolled in a 2014 federal or state Marketplace health insurance plan and who have received the Advance Premium Tax Credit to help lower the cost of their monthly premium; (2) Those without health insurance for all or part of 2014 that may face an ACA tax penalty or be eligible for an exemption.
If uninsured and penalized, H&R Block will explore how a taxpayer may qualify for an exemption, Ponce said. If an advanced tax credit was issued, the firm will provide guidance to help filers understand options to plan for the 2015 tax year and will also provide health insurance enrollment advice. All H&R Block’s tax advisors have received an in-depth ACA Specialist training in the federal health insurance program.
“It is important for anyone filing tax returns to be aware that penalties can be based on not having any health insurance for 2014, or some portion of the year; that the penalty is not (strictly speaking) a flat $95 but is based on taxable income; and that the tax penalty for being uninsured will increase over the next two years,” he said.
“It is essential that filers learn their responsibilities and if they qualify for any of 30 exemptions, including having coverage by May 1, 2014 or having a household income below the minimum filing amount.”
For a full list of exemptions online, visit <HRBlock.com/ACATaximpact>. For office locations visit <www.hrblock.com>.