Health Coverage and Federal Income Taxes
The 2015 tax season is the first time individuals and families will be asked for some basic information regarding their health coverage on their tax returns.
For majority of tax filers meeting this new requirement will be as simple as checking a box to show they had health coverage for all of 2014. These individuals and families will not receive any new forms in the mail and they will not be required to fill out new forms when they file their 2014 income tax returns.
The remaining taxpayers roughly around one quarter will need to take a different approach. It is expected that 3 to 5 percent of taxpayers benefited from advance payments of tax credits to help lower the cost of their Marketplace premiums in 2014. Now that tax season is here, these individuals will need to reconcile those credits in order to ensure that they received the correct amount. It is expected that 10 to 20 percent of taxpayers were uninsured for all or part of 2014 and will claim an exemption from the requirement to have coverage. A much smaller fraction of taxpayers, an estimated 2 to 4 percent, will pay a fee because they made a choice to not obtain coverage they could have afforded and are not eligible for an exemption.
For more information about the Affordable Care Act and Health Insurance, call (312) 600-7084 to contact our health insurance specialist.
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