10 points you should know about ObamaCare: 1. The Affordable Care Act mandates – and you must report – that you have health care coverage by 2014 or pay a penalty. 2. Your spouse and dependents must also be covered. If not, you may be subject to a penalty. However, there are 33 separate exemptions from the penalty. 3. Your plan must be a “qualified health plan” that meets the standards set by the government. 4. If you received a subsidy or credit on your insurance premium, you must match the advanced credit to the actual credit based on your actual income to determine whether any of the advanced credit must be repaid or whether you are entitled to additional credits. 5. Income for purposes of the final insurance premium credit includes not just your income (and your spouse’s), but it may also include your dependents’ income. 6. If you are an employer not offering health care coverage, you may be penalized. 7. The law imposes a “net investment income tax” (NIIT) of 3.8% on individuals, estates, and trusts for which you may be liable. 8. You may be required to pay an additional 0.9% Medicare Hospital Insurance tax on wages and self-employment income on amounts earned above certain threshold amounts. 9. For calendar year 2015, if you are an employer or individual who provides minimum essential health care coverage to others, you are required to report the coverage information to those individuals and to the IRS. 10. Beginning in 2018, there will be an excise tax of 40% of the amount by which an employee’s health coverage premiums exceed certain threshold amounts. Please feel free to share this important information with your family, friends, and business associates.
Posted on: Tue, 11 Nov 2014 22:08:52 +0000
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