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Tax returns need full disclosure on health coverage

February 1, 2015

Newsday
By Sheryl Nance-Nash

Accountants are happy, but you may have a look of dread on your face. Tax season is here, and for the first time, folks will have to reveal their health care status to Uncle Sam when they file. Did they comply with the Affordable Care Act’s requirement to have health insurance, or did they ignore it? It’s truth-telling time.

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Any excess advance premium credit is added to your federal income tax liability, says Gary Edelson, a partner in the Philadelphia law firm of Montgomery McCracken, while “a net premium credit is an offset to one’s tax liability.”

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