Peoria Public Radio Staff
Mon April 15, 2013
Tax information linked to federal health care law
It's tax day and for the first time, the information you provide the government will have implications for the federal health care law. IPR’S Amanda Vinicky reports.
You may have noticed on your W-2s this year that there's a new entry for how much your employer spends on your health coverage. It's one of the first signals of the link between your taxes, and the new federal health care law. Kathy Pickering is director of The Tax Institute at H&R Block.
"The big thing that people need to know right know is that the 2012 tax return is what's going to be used to determine your eligibility for a subsidy on the exchange."
"The exchange" is a key part of the Affordable Care Act. It's where people and small businesses without insurance will be able to shop for plans, starting in October. The health care law offers a variety of tax credits and subsidies, depending on your income level. Pickering says there's nothing you need to have done differently on your tax forms.