By Russ Wiles | The Arizona Republic
The Affordable Care Act is a complex piece of legislation. How complicated? The Internal Revenue Service has just launched a separate website, irs.gov/aca, to help explain it.
The site is worth perusing, especially if you make a lot of money or run a business. Otherwise, if you can remember three key numbers about the new law, also known as “Obamacare,” that should go a long way toward simplifying things. Those numbers are $125,000, $200,000 and $250,000.
These are the income-eligibility thresholds above which the two key individual tax provisions kick in. The health-insurance marketplaces or exchanges created by the legislation haven’t opened their doors, but these key taxes, which provide funding for the program, got started in January.
If you don’t earn more than the dollar-threshold amounts relevant to your situation, you won’t have to pay the taxes, though there are some devils in the details — no surprise there!
