Health insurance and the 2015 tax season: Part 2
If you did not have health insurance in 2014, learn what to expect when filing your income taxes for the year.
Health coverage now affects consumer taxes. The Affordable Care Act states that every person in the United States must have minimum health coverage in 2014 and beyond, or must pay a fee on their federal tax return. This fee is sometimes called the “individual shared responsibility payment.” In some cases, you may be able to get an exemption from the fee and you would not have to pay it. New information from the Internal Revenue Service (IRS) Tax Facts states what to expect when filing for 2014, along with Frequently Asked Questions.
Uninsured: If you had no health coverage for all or part of 2014, you might qualify for an IRS exemption or a Marketplace exemption and complete Form 8965 with your tax return. Learn more about exemptions and how to claim them.
If you can afford to buy insurance and choose not to, you will have to pay a fee based on your income unless you qualify for an exemption. The fee increases every year. For more information, see my Nov. 12, 2014 article, IRS.gov or healthcare.gov/taxes.
For more answers to your questions about health insurance, go to healthcare.gov Q&A or the Health Insurance FAQs - eXtension. Michigan State University Extension is providing education about health insurance basics this year, including the why, what and how for making a smart decision. Find out about Smart Choice: Health Insurance workshops and factual information at the Affordable Care Act Roadmap .
Other articles in this series: