How will the Affordable Care Act affect me when I file my taxes?

This tax season will be the first to require tax returns in compliance with the Affordable Care Act (ACA). The ACA requires a taxpayer and each member of his/her family to have qualifying health insurance known as Minimum Essential Coverage (MEC), OR have an exemption at the time a return is filed OR make a Shared Responsibility Payment (SRP) when the taxpayer files his/her federal income tax return.

Taxpayers are encouraged to have required documents when they arrive at an AARP Tax-Aide site to get their returns completed. If they don’t have the documents, they could be asked to return at a later date, or even told that their return can’t be prepared until they have all the information.