Any of you who have already done your tax return for 2014 have discovered new questions about your health insurance status. For many of us, it’s just a matter of checking a box on our 1040 forms stating that we have an acceptable form of health insurance (through an employer, Medicare, etc.) If, however, you enrolled in health insurance through the federal marketplace or were uninsured, there will be new tax forms to fill out, and you may owe a penalty for being uninsured. The penalty has been there as part of the ACA all along, but this is the first year people will have to pay it, and it may come as a surprise to some.
Our friends at NC Get Covered have put together an excellent resource to help you understand the requirements regarding health insurance and your taxes. Click here to see it. In addition to good information, it also provides links to tax calculators and points you to online and in-person assistance.
And, because some of us will be experiencing “ah-ha” moments (as in, “Ah-ha. I owe a penalty for not having insurance, and it will be larger next year”), there is a Special Enrollment Period for marketplace coverage. It extends from now until April 30. To find out more about avoiding a penalty on your taxes next year, click here. Again, in addition to information, you will find a link for in-person assistance.