As we start wrapping up 2015, I know it feels weird for me to even say that, it’s important that we’re preparing ourselves for a successful and worry free 2016. I know the Holidays are still on your brain but it’s definitely time to make room for thinking about how you can be prepared to tackle your healthcare and taxes in 2016. It’s also important to remember that January 31st is the deadline for market place health care enrollment. Check out this helpful video below.
As we all know, this is the second year taxpayers will be reporting their health insurance status on tax returns. Change has come but it doesn’t have to be a confusing process. For nearly 80% of taxpayers, reporting their health insurance this year again will be as easy as checking a box when using TurboTax. If you’re a taxpayers who has insurance through your employer, a government program, such as Medicare or Medicaid, or another private insurance you will receive a 1095-B or C form. Which means you do not need these forms to report insurance and file taxes, they are just for your records only.
However, if you purchased a health insurance plan on healthcare.gov or your state health insurance marketplace you may once again receive Form 1095-A. This form confirms your coverage, premiums and any subsidies that you have received to help pay for health insurance. It may sound like a lot of information but here’s a quick video to break things down a bit.
Hopefully that video helped give you a better idea of the forms you’ll need. It’s also important to make sure you have a great understanding of the timeline you have for completing everything. We’ve included a helpful infographic below, courtesy of TurboTax, which will help you remember key dates for enrollment and your taxes.
Just remember that there is no reason to feel overwhelmed by all of this information. With TurboTax the guesswork and handwork is done for you. TurboTax also offers a free suite of tools to help you understand how the ACA will affect your taxes. In addition, TurboTax doesn’t charge tax payers any extra fees for health care-related forms to comply with the ACA. So you’ll be getting the expert help you need and keeping more money in your pocket while doing it!
So, while we want you to enjoy your holidays. Remember to give yourself peace of mind and check out TurboTax to get your taxes started and out of the way.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.