Process for filing taxes now more complicated - KAIT Jonesboro, AR - Region 8 News, weather, sports

Process for filing taxes now more complicated

Affordable Care Act now a big part of filing taxes Affordable Care Act now a big part of filing taxes
JONESBORO, AR (KAIT) -

If you had health care all year, filing your taxes may be a simple process, but for those that did not, it may be a far more difficult and confusing endeavor than before.

“If you've done the right thing, it's really gonna help you,” said Rhonda Prine, a tax filing specialist with Liberty Tax Service. “If you just didn't worry about it, it might be a good time to get with someone that knows the exchange.”

Prine has seen a lot of clients with questions concerning the Affordable Care Act and taxes this year. One concern involves a $95 fine for those that didn't have healthcare last year.

“If you didn't have it last year, there was a misconception that it was just going to be a $95 fine when in fact it could be 1% of your income and may even be for each person in your household that does not have insurance,” Prine said.

Accountant Charlott Jones of Jones & Company says the new changes don't affect everyone filing taxes.

For taxpayers who didn't have health care all year, they will have to do some calculations.

Everyone else will simply have to check a box.

“They mark their box, they go on, they don't have to do anything else,” Jones said. “Very easy. It's the taxpayers who did not maintain health care coverage all year that have to worry about calculating what's called a shared responsibility payment.”

Prine's one piece of advice she gives to people is documentation.

"Make sure that you can prove that the child lives in your home, that you can prove, you know, like Medicaid cards or whatever," she said. "Proof of residency is gonna be school documents, doctor documents, anything from the government that places that child at that address.”

There is a lot to consider when filing taxes this year, but Jones isn't optimistic for the future.

“No, I don't see it getting any simpler,” Jones said.

If you have any questions concerning taxes and the Affordable Care Act, Jones said the IRS website is a good source of information.

Copyright 2015 KAIT. All rights reserved.

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