Current tax law requires health insurance
During his first week in office, President Trump signed an executive order asking federal agencies to reduce the economic burden the Patient Protection and Affordable Care Act (ACA) puts on American citizens.
Unfortunately, this executive order is causing confusion. Many people are left wondering if fines will no longer be imposed or rules no longer need to be followed. Until the agencies impacted by this executive order publish their intent, act as though current laws are still in play. This includes:
- The requirement to have health insurance.
- The requirement to pay a shared responsibility tax if you do not have continuous health insurance coverage.
- The ability to receive a health insurance premium credit if you qualify.
- Possible health insurance credits for qualifying small businesses.
It’s important to realize that unless tax laws actually change, you are expected tofollow the laws as they are currently written.