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Affordable Care Act Complicates Income Tax Returns

Filing Federal income tax returns is an annual task that few taxpayers enjoy, and the process rarely varies.  For most taxpayers, filling out the forms is simply a matter of providing income, subtracting a few deductions, such as those for mortgage interest or dependent children, and letting your tax preparation software or tax preparer handle the rest.  Then you file, either by mail or electronically, and wait for the refund if you have one coming, or for the IRS to cash your check if you don’t.  It’s an unpleasant task that has to be done, and it rarely varies. Affordable Care Act

Affordable Care Act

This year, it’s going to be different for a few million taxpayers, and different isn’t necessarily going to be good.  While the Affordable Care Act was signed into law back in 2010, the major provisions in the bill didn’t take effect until last year.  The most significant of those provisions was the one that required all Americans to purchase health insurance coverage or to pay a penalty if they did not.  The IRS is in charge of assessing those penalties, so the process of filing income tax returns now necessarily includes some questions about the

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