For the first time, American tax payers will be penalized on their federal income taxes if they were without healthcare coverage in 2014.
With just over a week until the tax filing deadline, it’s time to make sure you know what options are available.
Joe Moore with Altman Rogers & Co in Kenai previously told KSRM he doesn’t like the role accountants will have to play…
Moore: “As a tax preparer, we’re the policemen. We’re the ones that are going to be asking the question: ‘Do you have healthcare coverage?’ And if the answer is ‘No,’ we have to – I guess – check a box and you’ll be penalized. So it kind of puts me in an uncomfortable position.”
But he said they’ve also been studying the law to understand the various exemptions from the penalty. You may be eligible for an exemption if the cost of a bronze plan premium is more than 8% of your income or if you suffered a variety of other hardships.
