The ACA included a premium tax credit to help individuals and families purchasing insurance through marketplaces pay for coverage. According to a study by the Kaiser Family Foundation, 48% of Americans may qualify for tax credits to help pay for their health insurance coverage. These credits average nearly $2,700 in 2014 and reduce the premium for the second-lowest-cost federal marketplace plan (Silver) by an average of 32%. Eligibility and amount are based on several factors, including household income and number of people in the household. Need help figuring out if you qualify? Use TaxACT's Health Care Tax Credit Calculator.
Uninsured Americans who choose not to get coverage will be subject to paying a penalty, starting on 2014 tax returns (due April 2015), that will increase each year through 2016. The amount depends on number of months you're uninsured, household income and number of uninsured adults and children in the household. Calculate your 2014 penalty amount with TaxACT's Health Care Tax Penalty Calculator.
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