What You Need to Know About Healthcare and Taxes

A couple of years ago my husband’s company was bought out and they had a huge downsizing!  My husband was let go and for the first time we didn’t have medical insurance.   We hoped it would just be for a short time and although he found work pretty quickly it was contract work.  With contract work you don’t usually get medical benefits and for 2 more years that is how we lived!  No medical insurance and a lot of praying!

Toward the end of that two years The ACA (Affordable Care Act) was implemented  to give more people  affordable health care.   We started doing our research and realized that this indeed would now not only be important for our healthcare but with our taxes.  I was so thankful that we were Turbo Tax users and knew they would walk me through step by step!   As we were deciding what path to take my husband landed a job that gave him full benefits and we didn’t have to move forward.  I know not everyone gets that lucky!

There are so many questions about how government healthcare can effect your taxes.  Will you have to pay extra?  Will there be penalties?   And much more!

Well, you don’t have to worry.  Turbo Tax can help you with it all!

turbotax health This is the second year taxpayers will be reporting their health insurance status on tax returns, and for most, it will be another year when they will just need to check a box with Turbo Tax to indicate they have health insurance.

turbotax health Key things to keep in mind are:

  • For nearly 80% of taxpayers, reporting their health insurance this year again will be as easy as checking a box with TurboTax.
  • Taxpayers who have insurance through an employer, government program, such as Medicare or Medicaid, or other private insurance may 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 people understand how the ACA will affect their taxes.
  • TurboTax doesn’t charge tax payers any extra fees for health care-related forms to comply with the ACA.

turbotax health

  • TurboTaxHealth.com is a helpful resource for people to learn about the effect of heath care policies on their taxes. TurboTax offers a suite of free tools and calculators that make it super easy to learn how the ACA might impact your taxes and finances.  It will help you see if you qualify for exemptions for going without insurance or whether they will be responsible for a penalty – and how much – if you choose not to purchase health coverage.

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.

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