Short rundown on Obamacare

While the Affordable Care Act (aka Obamacare) is all over the news currently, there is still little known about its actual enforcement and how it will affect most people personally. I wanted to take this post to give a brief rundown of what is required right now, as the personal insurance mandate looms (closes on March 31).

First, there will not be any effect on your taxes due on April 15. Although the law, as enacted, required all individuals to purchase insurance by January 1, 2013, that was extended by one year by Presidental dictate in mid-2012 (election year politics). Since this extension is beyond the tax year 2013, there are no effects on this year’s return.

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(To be continued. Stay tuned for future updates.)

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