IRS will provide tax breaks
WASHINGTON — The Supreme Court's decision
to uphold most of President Barack Obama's
health care law will come home to roost for
most taxpayers in about 2 1/2 years, when
they'll have to start providing proof on their
tax returns that they have health insurance.
Under the law, the IRS will provide tax breaks
and incentives to help pay for health insurance
and impose penalties on some people who
don't buy coverage and on some businesses
that don't offer it to employees.
Those who don't get qualified health insurance
will be required to pay the penalty — or tax —
starting for the 2014 tax year, unless they are
exempt because of low income, religious beliefs, or
because they are members of American Indian tribes.
The law allows the IRS to withhold tax refunds
to collect the penalty, and most filers get refunds.
This year, 77 percent of the 135 million individual
income tax returns processed by the IRS qualified
for a refund. The average refund: $2,707.
Most people will pay because they're scared the
IRS will red flag their future returns.
to uphold most of President Barack Obama's
health care law will come home to roost for
most taxpayers in about 2 1/2 years, when
they'll have to start providing proof on their
tax returns that they have health insurance.
Under the law, the IRS will provide tax breaks
and incentives to help pay for health insurance
and impose penalties on some people who
don't buy coverage and on some businesses
that don't offer it to employees.
Those who don't get qualified health insurance
will be required to pay the penalty — or tax —
starting for the 2014 tax year, unless they are
exempt because of low income, religious beliefs, or
because they are members of American Indian tribes.
The law allows the IRS to withhold tax refunds
to collect the penalty, and most filers get refunds.
This year, 77 percent of the 135 million individual
income tax returns processed by the IRS qualified
for a refund. The average refund: $2,707.
Most people will pay because they're scared the
IRS will red flag their future returns.
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