How Affordable Care Act will impact how you file your tax return - WSFA.com: News Weather and Sports for Montgomery, AL.

How Affordable Care Act will impact how you file your tax return

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Learn how the Affordable Care Act could impact tax filings. (Photo: MGN Online) Learn how the Affordable Care Act could impact tax filings. (Photo: MGN Online)
HUNTSVILLE, AL (WAFF) -

While many Americans are still struggling to understand the Affordable Care Act and how the law will impact their family, we went looking for answers on how the law will effect people when it comes to filing their taxes this year.

According to Dan Boone with the IRS, ACA will have no impact on most Americans' 2013 federal income tax returns. Boone explained that this is the year many people enrolled in the program. Next year is when people will have to go back and reconcile on their tax return whether they got enough tax credit or too much through the program.

While the majority of Americans won't feel an impact this year, not everyone is exempt. Boone explained, "Folks with an income of $200,000 or more this year may see some extra taxes. There's an additional Medicare tax, net investment income tax, and then an increase in the percentage of medical and dental expenses. You've got to have to be able to itemize those."

You'll find more information from the IRS on the Affordable Care Act and your federal income tax return here.

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