JACKSONVILLE, Fla. – H&R Blocks nationwide will be hosting their first ever ACA Q&A Day, as 46 changes will be made to the tax code due to the Affordable Care Act.
One of the changes that will affect people the most has to do with a subsidy.
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Those who were eligible for a subsidy and need to make their monthly health insurance bill cheaper could end up owing money to the government once their credit amount is settled .
The amount of the subsidy is estimated so tax payers could either be owed more money, or they could have to pay the difference based on actual household income and family size.
A tax expert at a local H&R block said people also need to realize they are going to be penalized if they don't have insurance, and it's per family member, not just their self.
"There's a big misconception out there right now from last year, that the penalty is $95 a person. That's the bottom line the basic penalty so either $95 or two-percent of annual income. So in my case, I'm married, retired with one grandchild living at home; my penalty, if I didn't have medical insurance, would be $715 dollars not $95," said an H&R Block spokesperson.
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All H&R blocks are open from 9 a.m. - 9 p.m. Thursday for people to stop by and get an estimate, outline of their particular situation and how they'll be affected.