Healthcare and your 2016 Income Tax Return
Earned Income Tax Credit (EITC) News
2015 was the first year health insurance companies were required to send Form 1095-B to the policy holder and the IRS. Form 1095-B will detail the type of policy (employer-sponsored, government-sponsored, etc.) as well as who is covered under the policy and for how long. The IRS will use this information to verify that taxpayers have health insurance.

The fee for not having health insurance in 2016 & 2017

The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.

Percentage of income
  • 2.5% of household income
  • Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Per person
  • $695 per adult
  • $347.50 per child under 18
  • Maximum: $2,085

Beginning in 2017, if you claim the Earned Income Tax Credit (EITC) or
Additional Child Tax Credit (ACTC) on your tax return, the IRS must hold your
refund until at least February 15 — even the portion not associated with EITC
or ACTC. 

According to a new tax law change, the IRS cannot issue refunds before
February 15 for tax returns that claim the Earned Income Tax Credit or the 
Additional Child Tax Credit.

This applies to the entire refund, even the portion not associated with these

The IRS will begin to release EITC/ACTC refunds starting February 15.
However, the IRS cautions taxpayers that these refunds likely won’t arrive in
bank accounts or on debit cards until the week of February 27.

You don’t need to wait until February 15 to file your tax return. While the
IRS must hold the refund until February 15, it will begin taking the steps
it normally does to process your tax return once the filing season starts.