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Fiscal Cliff Calculators: How Much More Will You Owe If We Fall Off?

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Will Medicare/Medicaid be Impacted by ACA?

The Affordable Care Act put in place significant tax-related programs that impact Medicare and Medicaid, such as increased Medicare taxes on earned and unearned income for high-wage earners, and Medicaid changes that increase the number of insured individuals. Establishing whether you are affected by the ACA-imposed taxes, or are eligible for certain health programs that fall under the Centers for Medicare and Medicaid Services, is determined by filing your income tax.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

Essential Tax Forms for the Affordable Care Act

The Affordable Care Act (ACA), also referred to as Obamacare, affects how millions of Americans will prepare their taxes in the new year. The law now includes penalties for all who haven?t obtained health insurance -- and those penalties are expected to be paid at tax time. The ACA also provides tax credits to help people pay for insurance, and you can claim those credits when you file your taxes. The Internal Revenue Service (IRS) has introduced a number of tax forms to accommodate the ACA.

How to Determine if You Have Minimum Essential Coverage (MEC)

The Affordable Care Act, also known as Obamacare, requires most Americans to have health insurance that meets a government standard known as "minimum essential coverage," or MEC. Whether your insurance qualifies as MEC depends not on the plan itself, but on how you obtained your coverage.

What are 1095 Tax Forms for Health Care?

In 2014 the Affordable Health Care Act, also known as Obamacare, introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. These forms help determine if you need to comply with the new shared responsibility payment, the fee you might have to pay if you don't have health insurance. For individuals who bought insurance through the health care marketplace, this information will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.

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freethedems2012

Evan thinks I need a refill of BS. No, Evan you can keep it.

December 08 2012 at 7:29 PM Report abuse -1 rate up rate down Reply
ectullis

Not if, when

December 08 2012 at 2:55 AM Report abuse +3 rate up rate down Reply
yearsocrapleft

THIS TERRORIST MUSLIM CLOWN FARKED THE MIDDLE CLASS ,WHEN HE DRIVES THE COUNTRY OFF THE "CLIFF" EACH ONE WILL HAVE TO PAY AN EXTRA $2.200 IN TAXES ....HA HA HA THEY VOTED FOR A TAX INCREASE ON THEMSELFS ~~RAISE ALL THE RENTS ON ALLTHE WELFARE ,SECTION 8 N FOOD STAMP SLUGS SKYHIGH HA HA HA HA

December 08 2012 at 1:45 AM Report abuse -6 rate up rate down Reply
yearsocrapleft

QUIT YOUR $8~~$9 AN HOUR JOB N GET ON THE WELFARE TRAIN LIKE ALL THE BLACKS N RICANS N ILLEGAL IMMIGRANTS THAT "BROKE" INTO AMERICA , WILL BE ROBBING OUR COUNTRY FOR THE NEXT 4 YEARS ,BELIEVE ME YOU WILL BE BETTER OFF. ! IF YOU SEE ILLEGAL IMMIGRANT ACTIVITY CALL 866~347~2423 OR WWW.ICE.GOVTIPS ! !

December 08 2012 at 1:33 AM Report abuse -5 rate up rate down Reply
s.kohanski

Evan is responding to his other screen names, that's priceless

December 08 2012 at 12:23 AM Report abuse -2 rate up rate down Reply
1 reply to s.kohanski's comment
freethedems2012

He thinks that will throw people off..........the dweeb.

December 08 2012 at 9:57 PM Report abuse -1 rate up rate down Reply
pdbliz

All I have to say is,,,,,,,,,,,,,,,THE AMERICAN PEOPLE WILL GET WHAT THEY VOTED FOR,,,BE IT,,GOOD OR BAD...
THEY WILL GET WHAT THEY DESERVE.!!!!!!!!!!!!!!!!,,,,,,,,,,,,,We have a lost generation,,and,,the next will be worse,,,,,,,,,,,,,,,,,,,,,,,IN THE YEAR 2525,,,,,,,,,,,,,,,,,,,,,,,??????????????????

December 08 2012 at 12:06 AM Report abuse -3 rate up rate down Reply
popatopfl

It's all about the "Fiscal Cliff" and ending Bush's tax breaks and Obama wanting the plus 250 grand earners to lose the tax break. Simple fact is congress is made up of millionaires and they don't want to raise their taxes. They also want the break for their millionaire campaign donors and PACs. He has to renew the breaks for everyone or let it expire for everyone. The super rich have "Tax Accountants" to move their money around to avoid paying taxes
Better yet push all career politicians over a cliff.
Maybe if Romney didn't keep changing his stance and hadn't come across as a self righteous snob who showed nothing but contempt for the middle class, maybe half the voters would not of voted against him.

December 07 2012 at 11:23 PM Report abuse +7 rate up rate down Reply
1 reply to popatopfl's comment
s.kohanski

Wouldn't make a big difference as the world banks and oil barons run the nation. Presidents are but mere pen puppets. If Frogs had wings they wouldn't bump their assses too.

December 08 2012 at 12:26 AM Report abuse -3 rate up rate down Reply
millsredroosters

Let go on over i can adapt those lazy asses will not.

December 07 2012 at 11:02 PM Report abuse +5 rate up rate down Reply
AL1PA

I find it most interesting that all the administration and the Republicans talk about is cutting Social Security and Medicare. Medicare the seniors pay for. Social Security is paid by all working Americans, so please tell me why our president and congress are not cutting those that have for years and years refused to work, and if anything the illegals that pay nothing but send money back to their home countrys and what benefit is that to America? Why are we still sending foreign aid to countrys that want to kill us? Why have we not forced countrys that owe us money to pay it back as you can be assured the chinese want theirs back. Why do we allow government employees that are considered non essential to continue to have a paycheck for a non essential job? Why do we have fees and licenses that inhibit business and it is just another tax? Why are we still paying to keep the United Nations when member states are in arrears? Shall I add more?

December 07 2012 at 10:57 PM Report abuse +5 rate up rate down Reply
yearsocrapleft

RICH PEOPLE WILL LAY OFF 'ALL' AMERICAN WORKERS N MOVE THERE COMPANIES OVERSEAS UNTILL THIS TERRORIST MUSLIM CLOWN IS REMOVED FROM OUR WHITE HOUSE IN HANDCUFFS~~""IMPEACH THE TERRORIST MUSLIM CLOWN NOW"" OR ""SHUT THE COUNTRY DOWN""

December 07 2012 at 10:09 PM Report abuse -3 rate up rate down Reply