KANSAS CITY, MO--(Marketwire - Feb 25, 2013) - It's the biggest change to the federal tax code in the past 20 years. But, taxpayers are alarmingly unfamiliar with its impact. The Affordable Care Act -- aka health care reform -- carries changes that impact just about every taxpayer. A survey conducted by The Tax Institute at H&R Block ( NYSE : HRB ) found that 3 out of 4 taxpayers do not know what it takes to become eligible for health insurance under the new law. <\/p>\n
H&R Block is the only tax preparation company providing clients with a free personalized review of how the health care law would impact them and has launched http:\/\/www.hrblock.com\/healthcare<\/a> for all taxpayers to \"test drive\" the new law. <\/p>\n The law, passed two years ago and upheld by the U.S. Supreme Court last summer, mandates that most individuals have health insurance by 2014 or pay a penalty via their tax return. Those who qualify could be eligible for government assistance to help pay their insurance premium. <\/p>\n \"There certainly is an intersection of health care and taxes,\" said Roland Sabates, tax research manager with The Tax Institute at H&R Block. \"This tax season will be one of historical significance -- both in terms of understanding what credits and deductions remain in the new tax laws, as well as how health care reform will impact taxes. This is not the year to go it alone.\" <\/p>\n Taxpayers to receive personalized health care and tax review <\/p>\n The survey conducted by The Tax Institute showed that 77 percent of consumers were unaware the 2012 tax return can be used to determine eligibility for health care benefits. The survey also found that 45 percent of Hispanic respondents were not aware of a possible tax penalty if they do not have health insurance. <\/p>\n Based on 2012 tax returns, H&R Block will provide taxpayers with information showing if they qualify for a subsidy and how much they can expect to pay out of pocket for the monthly premium. In addition, it will detail the possible penalty they would pay if they do not obtain health insurance. <\/p>\n Just who may qualify for a subsidy could surprise some taxpayers. For example: <\/p>\n \"This personalized tax and health care review will be an initial education for the taxpayer as to their options and provide them a solid foundation as they prepare to comply with the health care law later in 2013,\" said Sabates. <\/p>\n Take a test drive through health care reform <\/p>\n <\/p>\n Excerpt from: <\/p>\n What Does a Tax Return Have to Do With Health Care? H&R Block Knows...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" KANSAS CITY, MO--(Marketwire - Feb 25, 2013) - It's the biggest change to the federal tax code in the past 20 years. Continue reading