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How the Affordable Care Act Affects Tax Returns, and Free Income Tax Preparation to Help You Through It

 

Healthcare and Taxes
Sherry Yates

©iStockPhoto\dina2001


by Gary Blauth

AARP Foundation Tax-Aide volunteers are trained and IRS-certified to prepare your IRS and NJ tax returns. We have 1,000 volunteers at 150 NJ locations who are ready to assist you. We prepared about 38,000 tax returns last year. You can find a convenient location by going to the AARP website www.aarp.org/taxaide and clicking on “AARP Foundation Tax-Aide Locator”, or by calling 1-888-AARP-NOW (1-888-227-7669).

This year, the Affordable Care Act (ACA) affects some tax returns. If you had health insurance from Medicare or your employer for all of 2014, there is no effect on your tax return. If you purchased health insurance from the NJ HealthCare Marketplace, there may be adjustments to your taxes due to Premium Tax Credits. And if you had no health insurance, you may owe Shared Responsibility Payments.

Tax-Aide volunteers are available to help you understand these new changes, and to prepare your tax return, from February 1 to April 15.

 

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Gary Blauth is the New Jersey State Coordinator for the Tax Aide Program.

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