The complicated process of signing up for Obamacare is now being matched by IRS instructions to help Americans figure out how much in healthcare taxes they owe Uncle Sam.
The agency has issued 21 pages of instructions, complete with links to at least three long forms and nine tip sheets.
It is geared to those who have Obamacare or who owe a fine, dubbed “shared responsibility payment,” for refusing to get health insurance. The IRS warned that everybody must have health insurance or pay the tax.
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“While the vast majority of tax filers — over three quarters — will just need to check a box on their tax return indicating they had health coverage in 2014, people who have coverage through the Marketplaces, or decided not to enroll in coverage, should be aware of some additional steps that will be a part of the tax filing process starting this year,” said the Department of Health and Human Service, which runs the Affordable Care Act.
The IRS form gives multiple examples of how much those without insurance, either through Obamacare or employers, owe in their “shared responsibility payment.”
For example, a single male earning $40,000 a year would owe $298.50.
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Paul Bedard, the Washington Examiner’s “Washington Secrets” columnist, can be contacted at [email protected].
