By Dynamite Tax & Financial Service

An Enrolled Agent Firm

11054 Gratiot Ave.

Detroit, MI 48213

(855) 294-0004

Health Care Act and Your Income

Tax Return

What is the Health Care law? The Affordable Care

Act, or health care law, contains new health insurance coverage and financial assistance options for individuals and families.

Open Enrollment for the Health Insurance Marketplace to purchase health coverage begins Oct. 1, 2013. When you get health insurance through the marketplace you may be able to get the new advance premium tax credit that will

What are the Penalties?

For the first year

of the new

law, 2014, the fine

for not having

insurance is the

lowest it will be.

After that, it goes

up steeply in

2015 and again in

2016.

2014 Fine for no Health

Insurance There will be 2 ways the

Government will calculate what

you owe. You have to pay

whichever amount is higher.

Option 1: Pay a fee of $95 for

each adult and $47.50 for each

child but not more than $285

total per family

Option 2: 1% of your family

income. If your family makes

$500,000 a year the fine will be

$500.

The fines will be imposed on

your tax return, so either it

would be subtracted from

your refund or increase your

tax liability.

Fees 2014

Per Adult

Per Child

2015 Tax Fine for no Health

Insurance Option 1: Pay a fine of

$325 for each adult

and $162.50 for each

child, but no more

than $975 total per

family.

Option 2: 2% of your

family income. If your

family makes $50k a

year the fine will be

$1000.

Whichever is greater*

0

200

400

600

800

1000

1200

2015 Fee

2015 Fee

2016 and beyond Fine for no Health

Insurance

Option 1: Pay a fine of $695 for each adult and $347.50 for each child but no more than $2085 per family.

Option 2: 2.5% of your family income. If your family makes $50k a year the fine will be $1250.

Remember you have to pay whichever option will be higher

2016 And Beyond Fees

Adult

Child

Max. Family

2.5 Percent

How will Dynamite Tax Help? Dynamite Tax & Financial

Service educates its

clients on the tax law

changes that directly

affects their tax return

There are options for

insurance that will be free

for some households who

make under a certain

income threshold.

We will help you

determine (if you already

don’t have insurance) If

you qualify for FREE

health care.

We will hold your hand When our clients come

in to get their tax returns

prepared in 2014

Dynamite Tax will help

you find the best option

for insurance and help

you pay for it.*

We want to keep you

educated and most

importantly help you get

insured with affordable

insurance to protect you

and your family. See a tax specialist for details.