Tax season gets underway
Posted on 1/20/2015 5:45:00 AM.
Starting today, taxpayers can file their federal and state 2014 returns. Mark Eldredge, with Society of Louisiana Certified Public Accountants, says if you bought health insurance through the federal marketplace, also referred to as Obamacare, there is a special form you'll have to fill out.


"I think the purpose of that is to determine if you're entitled to a premium credit back," Eldredge said.
 
Eldredge says every taxpayer will be asked to check a box on whether they had health insurance in 2014 and if you did not, you're subject to a fine that's laid out in the Affordable Care Act. 
 
The penalty is based on several factors including what is known as the Modified Adjusted Gross Income. Eldredge says if you purchased health insurance through the federal marketplace, he encourages you to get your returns to a licensed preparer as soon as you can, because even tax pros are trying to get up to speed on the new rules.
 
Tax season, Society of Louisiana Certified Public Accountants





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