The Health Care Law and Your 2013 Federal Tax Return
For most people, the Affordable Care Act will have no effect on your 2013 federal tax return. You will not report health care coverage under the individual shared responsibility provision or claim the premium tax credit until you file your 2014 return in 2015.
However, for some people, a few provisions may affect your 2013 tax return, such as increases in the itemized medical deduction threshold, the additional Medicare tax and the net investment income tax.
Here are some additional tips:
Filing Requirement: If you do not have a tax filing requirement, you do not need to file a 2013 federal tax return to establish eligibility or qualify for financial assistance, including advance payments of the premium tax credit to purchase health insurance coverage through a Health Insurance Marketplace. Learn more at HealthCare.gov.
W-2 Reporting of Employer Coverage: The value of health care coverage reported by your employer in box 12 and identified by Code DD on your Form W-2 is not taxable.
More information is available on IRS.gov regarding the following tax provisions: Premium Rebate for Medical Loss Ratio, Health Flexible Spending Arrangements, and Health Saving Accounts.
More Information —
Find out more tax-related provisions of the health care law at IRS.gov/aca.
Find out more about the Health Insurance Marketplace at HealthCare.gov.
Find out more specific information about the California Marketplace at CoveredCalifornia.com
If you have any questions on how the Heath Care Law will affect your 2013 tax return, just give us a call at 559.924.1225.
