Mar 31, 2016 4:44 PM
If you’re a procrastinator when it comes to filing your taxes, you’re in luck this year. You have three extra days. The 2016 deadline is April 18.
I sat down with Manchester CPA Steven St. Pierre to find out what you need to know before you file. After all, there are 70,536 pages to this year’s tax code. Clearly, it can get tricky when it comes to the Affordable Care Act and mandatory coverage.
“It’s now the second year where the Affordable Care Act is requiring individuals to pay into the system if they haven’t had insurance, health insurance, during the course of the year or anytime during the course of the year,” says St. Pierre.
“It’s the ones that bought it through the exchanges because when they bought it through the exchange, they had to pre-qualify and tell what kind of level of income they had, so they can determine whether or not they get some sort of subsidy. So, if their income went up, chances are they’ll have to pay a little bit of that subsidy back. If their income went down, they’ll get a tax credit for the additional amount,” he adds.
St. Pierre says the maximum family penalty in 2015 was $325. This year, it’s $650. Next year it jumps to more than $2,000.
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