This year was the first year that the Affordable Care Act -which is designed to ensure everyone carries health insurance – is required. There are a lot of people unsure what to expect and some are nervous about how to file, and what to do. But TurboTax has simplified the ACA process and has done all the hard work for you, making filing your taxes just as easy as in the past – (check out the enrollment guide for more information). For most people complying with the ACA, it’s as easy as checking a box on your form to confirm you have insurance. It really is a lot easier than you thought – taxpayers will fall into 3 categories when it comes to the ACA and taxes: 1.The Insured – for most people who are complying with the ACA the new tax law isn’t a big deal. You’re insured through your employer, Medicaid, Medicare, or a private provider. You will just check a box confirming that you do have health insurance, and proceed with your tax form as usual. No need to pay someone extra to do this simple step for you! 2. Insured Through Exchanges – This year 8 million people became insured through healthcare.gov or their state exchange (Congressional Budget Office). If you were one of these people you will receive a 1095-A form from healthcare.gov or your state exchange and just input the information just like you would the details from your W-2 forms. Pretty simple, just a few extra steps. 3. The Uninsured – If you are one of those who do not have insurance, and don’t qualify for any exemptions, you will pay a penalty of about $95, or 1% of your income. If you do happen to be uninsured, you still have time to look into buying insurance during open enrollment which runs from November 15, 2014 through February 15, 2015. If you still are uninsured during the rest of the year TurboTax has a free calculator for you to estimate your tax penalties. The penalty is based on your income and family size. If you are uninsured, please make sure to check and see if you qualify for an exemption! About 1/2 the people that are uninsured (over 23 million) could qualify, but are unaware and will end up paying unnecessary penalties! There are a number of reasons why you may be exempt from a penalty for not having health insurance – like low income, family size, etc. TurboTax has a free tool to help you understand the exemption process and to see if you qualify! Make sure you are prepared for the 2014 tax season – and remember, TurboTax has you covered! You don’t have to spend your much needed tax refund on fees to pay a tax preparer, visit TurboTax and get all your questions answered!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
My husband is an accountant, so he takes care of all this stuff for us. Thank god!
I think we’re doing our own taxes this year. Thanks for the info.
Thanks for this GREAT article. The new healthcare guidelines can be confusing.
Thanks for the great information. We usually use TurboTax when we do our taxes. I am not ready to think about taxes again.
Doing taxes by yourself is a huge pain. I’m glad programs like this exist.
I used to do mine, back when I had my own firm. I love Turbo Tax. Been using them the last few years.
We have used Turbo tax many times! It really does make it so easy!
Taxes are so stressful! I want to try turbo tax this time around… I never have yet! But hear great things!
We are all insured through my husband’s employer – which makes this act so much easier on us. Also, we always do our taxes through TurboTax…making them easier on us too!
Thanks for the share. I was wondering how this was going to work.
I’ve always done my own Taxes. The last few years I’ve used Turbo Tax and it has made it easier.
I heard about turbo taxes. I see its really easy I might consider going this route if I do it myself for the 1st time.
I use Turbo Tax for our taxes. We are both insured so we should be fine this year.
I am so glad to hear it is not a lengthy process that is going to force me to pay an accountant to do my taxes. I have always done them on my own, and am glad I will still be able to.
I have used Turbo Tax before. It is a great way to do your taxes.
This is a great article. Can’t believe tax time will be coming so soon!
Great ideas and tips! Can you believe it’s that time of year again?
We do our own taxes and it seems every year there are always so many changes! Great thoughts to remember!
Eeek, cannot believe we are talking taxes already! This is great for anyone needing to understand the new healthcare system!
We lost our insurance when hubs graduated in May and his externship did not go full time. He is working now, but they are per diem jobs and no benefits. To get full coverage insurance with a affordable deductible is like $800 for two of us. I have no idea how Obamacare can think its the best affordable option.
I’m not looking forward to tax time! My mom usually does our taxes but we’ve used TurboTax before.
Turbo Tax is great. I love that they’ve made this easier for people. I am one that finds taxes confusing at times.
We do our on taxes and have used Turbo Tax for several years now. We are very satisfied with it!
Lots of information that I didn’t know about. I need to read up more on this. Thanks for sharing.
Thank you so much for sharing this! I’m going to give Turbo Tax a try!
This is awesome info! Thanks so much for sharing. Tax season isn’t my favorite but programs like this make it bearable.