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How does the affordable care act affect my tax filings for each year?

Affordable Care Act
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Tax Professional Answers

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Devon McCarthy FCCA, EA
If you qualify for and receive coverage through the Health Insurance Marketplace you may also qualify for a Premium Tax Credit. If you do not elect to have the credit paid directly to the insurance company, you may claim this credit when you file your tax returns.
If you do not have the ‘minimum essential coverage’ and you are not exempt, you may have to make a payment when you file your tax return. This payment is called the ‘Shared Responsibility Payment’.
When you file your return you will report whether you are covered, exempt or need to make a payment.
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