Health Insurance and Taxes: What’s in Store for You??

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.