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As tax season looms on the verge for all Americans, I will be the first person to admit I am not a tax person. As I analyze various portions of the affordable care act aka Obamacare here is my take on the top 10 tax implications. Its still unknown the massive impact it will have on the United States tax system, and how the IRS will follow-up with individuals regarding fines. On June 29th The Affordable Care Act, was upheld through the US Supreme court. The Courts decision was based on the individual mandate being a tax penalty, which allowed the federal government to administer the mandate, even though Medicaid Expansion was left to the states. The most contentious part of the The Healthcare Reform Bill was upheld By a vote of 5-4, The court specifically stated the requirement to buy health insurance can not be mandated by the federal government, and the government does not have the right to force citizens to purchase a product, especially across state lines. However the federal government does have the right to levy taxes, and as such chief Justice Roberts made the deciding vote, crossing party lines to uphold the Affordable Care Act, Obamacare as the law of the land, and for the time being limiting future federal court actions by the states. The remain justices vote 4-4 between upholding and striking down the Affordable Care Act
The Affordable care act goals of insuring an additional 25 million Americans will be accomplished through mainly two avenues. 1) Medicaid Expansion which was deemed to be a states choice by the Supremes, and the Individual mandate, which requires everyone to either have health insurance through an employer, private exchange or pay a Health Insurance Tax The penalty will be phased through 2016. Even though the Affordable Care Act invites individuals to purchase health insurance if they do not, a fee will be assessed, by the IRS I logged onto the IRS website to see what theyre take is on these provisions, and the latest update regarding tax fines for the Affordable Care Act, here is what I have so far. This is a truncated list, Please free to log on to the IRS site yourself for a full explanation on these key provisions, maybe you can give me some further details on what they mean. Below are 10 Tax provisions, that will ultimate effect you financially.
contributions to pay for this expanded benefit. This also applies to self-employed individuals who qualify for the self-employed health insurance deduction on their federal income tax return.
Affordable Insurance Exchange. The Medicaid requirements in various states that will be part of the Medicaid Expansion program will now be available. Exchanges will operate in every state and the District of Columbia. The premium tax credit is refundable so taxpayers who have little or no income tax liability can still benefit. On May 18, 2012, the final regulations were issued by the IRS , this regulation, provides guidance for individuals who enroll in qualified health plans through Exchanges and claim the premium tax credit, and for Exchanges that make qualified health plans available to individuals and employers. All exchange laws and requirements will not be effective until 2014
Ihealthcareupdates.com provides the latest news and updates related to the Affordable Care Act and its implementation as well as other news updates on health care related items in the United States. To be informed of the latest news and updates related to the Affordable care Act please visit Ihealthcareupdates.com