Tax Planning

How Obamacare affects tax filing this year

Tax filing alert!
Tax filing alert!

Tax season looms, and this year many filers will find the process more tedious than in the past. Americans will denote whether or not they comply with the Affordable Care Act's individual mandate, which allows the government to levy a fine on uninsured individuals.

Filing taxes can become considerably more complicated, depending on a person's specific financial or insurance situation.

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"The Affordable Care Act has introduced the largest change to taxes in the last 20 years and every filer is going to be impacted by it," said Kathy Pickering, executive director of The Tax Institute at H&R Block, on CNBC's "Street Signs."

An H&R Block tax associate assists a client with her taxes.
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Various factors, including a lack of coverage or whether or not a plan is subsidized, can affect an individual's refund total. One in four H&R Block customers will see their tax refund change, negatively or positively, because of the Affordable Care Act, Pickering said.

With the complexities of the filing process, H&R Block will allow customers to hash out their Affordable Care Act questions on Thursday at nationwide locations. Pickering declined to tell "Street Signs" how much new business the company expected from the event.

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