It’s almost that time of year again – income tax time. Some of us groan, others cheer all the way to the bank. But no matter if you get a refund or if you owe, we all have to answer the a new, sometimes anxiety -ridden question on the forms, “Do you have health insurance coverage?”
Last year I clicked the box with no hesitation – being on my husband’s employers health insurance plan was simple; it was affordable, we had a great HSA savings plan, and all seemed right with the world. I checked the box and moved on. However this year we find ourselves without any health insurance coverage – so where does it leave us??
For a majority of taxpayers, reporting their health insurance coverage this year, will be a lot like last year – like I did, you just check a box and that’s it. If you have insurance through an employer, government program, or private insurance company you may receive a 10-95 B or C form. You don’t need to send any copies in, or wait for them to file your taxes – since not everyone will get one – so they are for your records only. (So yes, definitely put in the KEEP not PITCH pile, file them away with your other important documents).
People who purchased a health insurance plan through healthcare.gov (or your state health care marketplace) you will receive a 1095-A Form, which will just confirm your coverage, premiums and subsidies you received to pay for your health insurance. When filing your taxes online through TurboTax, you enter the info much like you do your W-2. Enter all the details onto the site, and TurboTax takes care of the rest.
For the rest of us who will have to check the ‘no’ box under health insurance coverage this year, TurboTax does offer assistance to help you easily understand if you qualify for assistance to pay for health insurance, if you qualify for exemptions for going without insurance, and whether you will be responsible for a penalty – and how much- if you choose not to purchase health coverage.
TurboTax offers a plethora of free suite tools to help you understand how the ACA will affect their taxes, and the best thing of all? TurboTax doesn’t charge tax payers any extra feesfor health care-related forms!
So no matter if you are insured, uninsured, or in between TurboTax makes it easy to fill out all the necessary forms required – it’s so simple to answer the questions with a few clicks, you could even do it on your smartphone or tablet!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
Thanks for sharing this information. I’ve always found the connecting between the ACA and taxes to be a bit on the confusing side.
We don’t have insurance this year either so I have been dreading tax season. I seriously hate the ACA so much 🙁
We love turbo tax! Makes doing taxes so simple and easy!
I use Turbo Tax for all my tax purposes and so thankful I have insurance this year – especially being self employed.
I’m glad TurboTax offers so much help to people. I’ve used it quite a few times and everything about it is easy!
I love Turbo Tax. It makes doing our taxes so easy! We use it every year.
Laws, health insurance and taxes are all complicated, so I am always grateful for things that help ease the stress. It sounds like TurboTax makes the process simple.
I always hate this time of year. All of the laws, regulations and such really confuse me. This was so helpful!
My husband uses TurboTax each year. The program is easy to follow and we’ve never had any issues with our taxes.
We love Turbo Tax, we use it every year! It’s so user friendly!
In am very lucky to have a Brother In Law that is an accountant. He takes care of all my taxes for me.
It can all be so overwhelming. I’m glad to know Thrbo Tax can make the process easier.
It is great to know that Turbo Tax can make taxes easier. It can be so overwhelming.
I know so many people who are confused by the ACA and their income taxes this year. I’m glad products like Turbo Tax makes things easier.
I love this! I can’t tell you how hard it is trying to figure it all out.
This is one reason I love being Canadian. Our healthcare is free so I don’t have to worry about that. But tax season theres always something that creeps up on us!
Health care and taxes are definitely some of the most confusing things! Thanks for straightening it all out