Affordable Care Act could cost you on your 2014 tax return - WAFF-TV: News, Weather and Sports for Huntsville, AL

Affordable Care Act could cost you on your 2014 tax return

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More people's taxes could be affected by the ACA next year. (Photo: MGN Online) More people's taxes could be affected by the ACA next year. (Photo: MGN Online)
HUNTSVILLE, AL (WAFF) -

When it comes to the Affordable Care Act and filing your tax returns, you could be in for a surprise next year.

WAFF 48 talked with Dan Boone with the IRS a couple of weeks ago. He told us that most people won't see any significant changes this tax season when it comes to the law and filing. Boone explained that people with an income of $200,000 or more this year could see some extra taxes, but next year, more people could see changes.

We checked in with Barbara Black, a Master Tax Advisor at H&R Block in Huntsville. She outlined what those changes will be. She said the main thing people have to keep in mind for this year is that you have to have health insurance by Mar. 31. On next year's tax return, you are going to have to be able to show that you have insurance. If you can't do that, you could be subject to a penalty that the government is calling a "shared responsibility payment."

Black said, "The penalty is income dependent and family status dependent, so there's not one standard penalty, it depends entirely on your income. It can range from no penalty at all to the highest one I've seen recently...a penalty of over $2,000 of additional tax if that particular tax payer did not have health insurance."

Another thing to keep in mind when filing your 2014 tax returns is the fact that you may be eligible for additional tax credits. Black explained that if you buy your health insurance through the Health Insurance Marketplace, you would be eligible for a premium tax credit next year to offset the cost of that insurance. If you get insurance through your job, you will not be eligible for that credit.

You can find more information on the ACA and your tax returns right here.

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