Tax specialist Frank Ellis has revealed online how TurboTax can help users calculate their Obamacare tax credit for health insurance.
Sep 7, 2015 – TurboTax is now able to calculate the Obamacare tax credit. Author and tax expert Frank Ellis reveals insight into this credit, enabled by the Affordable Care Act that went into effect in January 2014.
Under this rule, Americans must have health insurance or else pay a tax penalty. Ellis reveals that coverage obtained through the Health Insurance Marketplace could mean eligibility for tax credits helping make their insurance more affordable.
The article reveals who is eligible for the tax credits, including people who could not find affordable health insurance elsewhere or are within certain poverty level criteria. TurboTax has tools for estimating annual premiums and tax credits, according to Ellis. He also reveals that taxpayers must buy their insurance from the Marketplace to get any credits.
Next, he discusses aspects of the penalty, called the individual shared responsibility payment. Payment amounts for 2014 and 2015 are listed. While some people may qualify for exemptions, the author reveals the penalty amounts will increase every year one is not insured.
The subject of free tax refund calculators is covered next, as these have become commonplace on the web. Frank Ellis identifies the TurboTax health exchange to see how much of a premium tax credit one will get. The tax credit options are discussed next. Estimated credits can be applied to premiums immediately or taxpayers can opt to claim the credit when they file.
Also noted is that income changes during the year can affect the tax credit. The exchange can make the adjustments as necessary. Otherwise one may have to pay, but they may also qualify for a refund. The article ends with more about TurboTax in assisting with refunds, deductions, and credits.
Visit http://bestirstaxrefund.com/turbotax-calculate-obamacare-tax-credit to learn more.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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