Obamacare and your Tax Return

The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return.  As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return.  Not only could these new laws affect your refund but it will also affect the price you pay to have your return completed.  For example, many of the do-it-yourself software packages charge additional fees for each of the forms needed to complete the health care questionnaire.  In some cases as much as $250 for all of the forms, so much for “free” tax software.  Other tax prep firms have already published costs as high as $295 to complete all of the ACA forms.  Buyer beware, make sure your tax preparer is up to date and well educated on the impact of Obamacare and discloses the fees associated with those forms.