Affordable Care Act

How the Affordable Care Act Impacts Your Tax Return

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The most noteworthy ramifications of the Patient Protection affordable health insurance Act of 2010, otherwise called “Obama care,” are practically around the bend.

Notwithstanding having colossal impacts on protection in 2014 and 2015, the enactment likewise affects income taxes.

The medical insurance incorporated a few expense law changes for 2013 government wage assessment forms due April 15, 2014:

  • Employees can deduct the aggregate sum paid by them and their employers for health insurance premiums. Just enter the sum in Box 12 with Code DD on your Form W-2 when prompted by your tax return software.
  • If you itemize, the edge for deducting Medicare advantage costs is increased to 10 percent of your AGI. The benefit for citizens age 65 and more stays at 7.5 percent.
  • A 3.8 percent assess
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