12 On Your Side: Tax Changes

12 On Your Side: Tax Changes

RICHMOND, VA (WWBT) - The Affordable Care Act is the biggest tax law change in 20 years. That's why tax professionals say there are some key elements you need to be aware of when you file.

"There's a lot going on with the tax return, the main thing is that the people who did sign on with the market place, they're going to have a form mailed to them called a 1095-a. They need to wait until they get that document before they file because that's going to be needed to reconcile the premium tax credit they received during the year," explained Johanne Wallace of H & R block.

If you didn't have health insurance last year, you could face a penalty and not get as much back on your return this year.

You could be looking at a penalty of $95 but there is some good news.

"There's over 30 exemptions that you can either apply for at the market place or take right on your return," said Wallace.

Penalty's are expected to increase this year and by 2016 you could face a tax penalty of $695 for not being insured.

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