It’s Open Enrollment Time: Make Cost-Effective Healthcare Decisions for Your Family
The new year is just around the corner and this will officially be the second year taxpayers must report their health insurance status on tax returns. For many people it will be as simple as checking a box with TurboTax in order to indicate they have health insurance. Most taxpayers are quite familiar with this simple process from last year and have a good idea on what to expect. Did you know that last year, 8 out of 10 households simply had to check a box in TurboTax, indicating that they had health insurance? TurboTax is anticipating another great tax year where it will be equally as simple of an experience for all.
So here is what to expect this tax season! Taxpayers who have insurance through their employer, the government program (such as Medicare or Medicaid) or other private insurance will receive a 1095-B or C form. You do not need these forms to report insurance and file taxes, they are for your records only. TurboTax offers a free suite of tools to help you understand how the ACA will affect your taxes. TurboTax does not charge you any extra fees for health care-related forms to comply with the ACA.
I found myself in a predicament when we moved to Georgia last year. I was now self employed and the cost of my husbands health insurance through his employer would double if he added me. This is a situation that many people find themselves in and we are among those that seek out health insurance via healthcare.gov. People like me who purchase a health insurance plan on healthcare.gov (or our state health insurance marketplace) may receive Form 1095-A, which confirms our coverage, premiums and any subsidies we received to help pay for health insurance. In TurboTax, entering 1095-A information is as simple as entering a W-2. When prompted, all you will need to do is just enter the information on your 1095-A into TurboTax and they will do the rest for you and you will not see any other forms. It’s gotten even easier this year to report this information with a PDF upload!
TurboTaxHealth.com is a helpful resource for people to learn about the effect of heath care policies on their taxes. TurboTax offers many free tools and calculators that make it super easy for you to learn how the ACA might impact your taxes and finances. You can easily understand if you qualify for assistance to pay for health insurance, if you qualify for exemptions for going without insurance, or whether you will be responsible for a penalty and how much if you choose not to purchase health coverage. All of these resources at TurboTax are free because they believe American taxpayers should spend their hard-earned money on keeping their families healthy, not on having to pay to show they are complying with the health care law. TurboTax simplifies the tax filing process for its customers and makes reporting your health insurance simple and convenient. Reporting your health insurance status with TurboTax is so straightforward that you can easily do it right on your smartphone or tablet.