Tax Facts to Know about the Affordable Care Act

The IRS has recently released a tax fact sheet that explains some of the key provisions of the Affordable Care Act.  Individuals who do not maintain health care coverage throughout the year will be responsible for the Individual Shared Responsibility Payment unless they qualify for an exemption.  There are several exemptions including a hardship exemption and an exemption for those that only have a gap in coverage of less than three months.  In addition, individuals and families who get their coverage through the Health Insurance Marketplace may be eligible for the premium tax credit.  For more information on the Affordable Care Act and the premium tax credit, go to Irs.gov.