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Tax Pro Says Watch for Obamacare Penalties

By Jason Weinstein.
Tax season is officially here. As you get your W-2 forms there are some things you need to keep in mind as you file.

The big change this year according to one local tax pro is that the penalties for not having health insurance under Obamacare double. They can now be two percent of income. You need proof of insurance for yourself, your spouse, and kids if they are dependents.

"The percentage went up. Last year it was about a one-percent penalty. This year it's two percent. For some people that's a significant increase. If you're making $50,000 it can be a $1,000 penalty," said Gerri Harrison of Ever Evolving Enterprises.

Employers and insurance companies send out forms that are proof of insurance, bu the deadline to send those out is March 31. Other forms of proof can be letters from your employer or insurance company, or a paystub showing an insurance deduction.

Procrastinators have some good news this year. Friday, April 15th is Emancipation Day in Washington DC, meaning you'll have until Monday, April 18th to file your Federal taxes.