President Trump’s Recent Executive Order – Will He Repeal Obamacare?
Editor’s Note: Block Talk is no stranger to covering healthcare-related topics that impact your tax situation. We’ve heard a lot of chatter about the Affordable Care Act (ACA), or Obamacare, and whether or not it’s going away. Read on to hear about President Trump’s recent Executive Order, if it means an Obamacare repeal, and how the Executive Order will impact your taxes.
“What is the Executive Order on ACA?”
The Executive Order, issued by President Trump, asked government agencies to evaluate ways to change how the ACA is administered to see if there are opportunities to reduce the administrative burden on taxpayers.
“What does the Executive Order about ACA mean for my 2016 tax return?”
The Executive Order is not an Obamacare repeal, so there is no immediate impact on 2016 tax returns. There is currently an evaluation underway by IRS and CMS about how the ACA is administered to see if there are opportunities to reduce administrative burdens. Until this evaluation is complete, it is impossible to know if there will be any changes and how those potential changes will impact 2016 and future tax returns.
“Do I still have to pay a penalty if I don’t have healthcare coverage?”
If you didn’t have health insurance for all or part of 2016 then you will still owe a penalty unless you qualify for an exemption.
“I already filed my 2016 taxes. Do I need to file an amended tax return?”
This executive order does not yet change your 2016 tax return filed in 2017. At this time, you do not need to file an amendment.
“How will I know if ACA is repealed and/or any changes are required to my tax return?”
We are closely monitoring this issue and will provide updates in the event changes are made for the 2016 tax filing year.
“I heard on the news ACA was repealed. Is this true?”
A full Obamacare repeal would require U.S. Congress to pass new legislation, and any changes are unlikely to affect 2016 returns prepared during this tax season.
Head here for more information on healthcare and taxes.
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