Obamacare will require Americans to complete a new form with their federal tax return starting in 2014 which will require taxpayers to discolse their personal identifying health information, according to the Americans for Tax Reform (ATR)
The information will be used to determine whether taxpayers have complied with the Affordable Care Act’s individual mandate.
Health insurance companies will begin sending out tax documents to each insured individual in January. A copy of the document will be supplied to the Internal Revenue Service. It will contain enough information to prove that taxpayers have purchased qualifying health insurance under Obamacare, ATR says.
At least 140 million families who will be filing returns will have to add the new Obamacare form to their fining process. Six million families will end up paying Obamacare’s individual mandate non-compliance tax penalty, ATR says.
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