Health Care Health Care Insurance Mandate Upheld: What Does It Mean for You and Your Taxes? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Modified Aug 9, 2013 1 min read The Affordable Care Act, Obamacare, individual health insurance mandate-no matter what term you use, they have been all the buzz, since the individual health insurance mandate was upheld by a Supreme Court ruling today. The individual insurance mandate aims to extend health insurance coverage to 30 million uninsured Americans, but how does that ruling impact your taxes today or even the next time you file your taxes? Not too much since Americans have until 2014 to take action if they do not have health insurance and those who have insurance will not be impacted at all. Affordable Care Act To make things more clear for you and relieve any angst you may have about the ruling and how it relates to taxes, I have outlined the mandate’s two key provisions: One provision requires most Americans to obtain minimum health insurance coverage by 2014 or pay a penalty when tax year 2014 taxes are filed. The other provision is a Medicaid expansion, which gives funds to states who provide specified healthcare to all citizens whose income falls below certain limits. Many other provisions have already gone into effect such as reductions in seniors’ prescription drug costs, help for children and some adults with preexisting conditions, and allowing children up to age 26 to remain on their parents’ health insurance. So far there aren’t any other new details regarding the health care mandate, but rest assured you don’t have to worry about including anything related to this ruling on your 2012 or even 2013 taxes and we will continue to keep you informed and up to date with all of the latest information on this topic. Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 3 responses to “Health Care Insurance Mandate Upheld: What Does It Mean for You and Your Taxes?” If me and my husband receive the premium tax credit and file separately on our taxes will we loose the tax credit or be penalized??? Reply Hi Sharita, If you and your husband received the premium tax credit together you generally have to file your taxes as married filing jointly unless you qualify for relief of filing married filing jointly. You qualify for relief only if you were a victim of domestic abuse or your spouse abandoned you. Thank you, Lisa Greene-Lewis Reply […] Health Care Insurance Mandate Upheld: What Does It Mean for You and Your Taxes? […] Reply Leave a Reply Cancel reply Browse Related Articles Self-Employed Self Employed: Living and Working Abroad? Here’s What… Investments What is a Bear Market and What Does it Mean to You? Income and Investments 4 Summer Activity Ideas That Won’t Break the Bank Tax Planning Everything You Need to Know About Property Taxes Self-Employed Self-Employed? Quarterly Tax Date Deadlines for Estimat… Income and Investments Recent Grad? Here are Four Reasons to Start Saving Now … Investments Real Estate Taxes vs. Property Taxes Retirement So You’re Thinking About Retiring One Day? Self-Employed Self-Employed Tax Tips & Summer Jobs Work So You’re Crossing State Lines?