You May Now Need to File

With new tax laws beginning in 2014, a number of taxpayers who were not traditionally required to file a tax return may now need to do so.  Here are three new situations in 2014 that may require you to file a tax return.

• You have no medical insurance.  Beginning in 2014, if you are not in a qualified health insurance plan you will need to file a tax return to pay the tax penalty.  As part of Obama-care, there is now a minimum penalty of $95.00 per individual ($285.00 per family) if you do not have health insurance.  The MAXIMUM penalty is 1% of your income.
• You qualify for the new Health Insurance Premium Credit.  If you signed up for health insurance through the new health insurance exchange, you may be eligible for a reduction of your insurance premium through a tax credit.  You may have already applied the credit to recue your monthly insurance bill. In either case, if this credit applied to you, you must file a tax return.
• Alimony or child support.  Given the increased attention in this area by the IRS, if you pay or receive alimony or child support you will want to ensure you tax return is filed to avoid an automatic mismatch with your ex-spouses tax return.

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