The Affordable Care Act and Your Taxes
By: Alexandra Sutter WMBD/WYZZ
Updated: January 8, 2013
PEORIA - A local tax advisor is encouraging people to plan ahead before the Affordable Care Act goes into effect.
A senior tax advisor with H & R Block, Jane Linman, said Obamacare could affect your taxes beginning next year.
If you have health insurance, she said your tax specialist may be able to find you a cheaper option. If you don't have insurance, you may start paying a penalty fee.
Linman said, "What we're doing is to make sure our clients don't have any surprises come 2014. This year, we're here to educate them on what is out there, what they can expect if they don't get the health insurance we can also help them find something through the state. This is just to give them an idea of how Obamacare is going to affect them."
She said penalties will start at $95 per family member, or one percent of your income, whichever is higher.
To view a timeline that will walk you through the Affordable Health Care Act, visit http://www.healthcare.gov/law/timeline/.
