AffordableCareAct

Click play below to listen to KMZU’s Ashley Johnson speak with University of Missouri Extension, Boone County Assistant Extension Professional, Andre Zumwalt:

Andrew Zumwalt

The deadline for the 2014-2015 tax season is coming up quickly and there are a few new areas tax payers will want to know about. “The Affordable Care Act really has two big pieces to it,” explained Zumwalt, “One is that you have to have health care. Now if you don’t have healthcare, there are exemptions and those exemptions exempt you from the penalty. The other side is if you had health care and you bought it through the market place, then you possibly have gotten a subsidy to help pay for that. So, on your 2014 tax return you have to reconcile the tax credits that you received to help pay for your health insurance, with what your income actually says you should have received.”

To ease the stressful process, some University of Missouri Extension Offices have decided offer a helping hand. “We offer free tax preparation sites in Columbia and in other places across Missouri,” Zumwalt stated, “Listeners might want to call their local Extension center to see if they offer free tax preparation. They are not necessarily classes but there’s actually time when people can come in and have their taxes prepared for them.”

To find a location nearest you, head to IRS.gov or Google the term ‘IRS vita site look-up tool’.