The Twenty Something’s Guide to the Affordable Care Act

The TurboTax Blog

The Affordable Care Act required most Americans, even millenials, to have minimum essential health insurance coverage by March 31, 2014 or face a tax penalty on 2014 taxes filed in 2015.

If you’re a twenty-something who is a college student, grad school student, or someone about to start your first job, you might be wondering how your age and the Affordable Care Act affects your health care situation and taxes.

As a twenty-something under Obamacare, you have the opportunity to remain on your parents’ insurance plan until you reach the age of 26 and avoid facing a tax penalty, even if you are married or do not currently live with your family.

That also applies even if you are financially independent from your parents or are eligible for your employer’s health insurance plan – as long as you are under the age of 26 you’re allowed to stay on…

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