2016 marks the second year that Americans are required to report their health insurance status on their taxes under the Affordable Care Act (ACA). If you have health insurance through your employer, Medicaid, Medicare, VA, or other qualifying coverage, all you will need to do is just check a box indicating you have coverage and you are done!
During the tax season, taxpayers who have non-Marketplace health insurance (their plan wasn’t purchased on healthcare.gov or a state Marketplace) may receive the new Forms 1095-B or 1095-C — these are receipts from private insurers or employers, confirming you had or were offered coverage. Check them for accuracy if you receive them and keep them for your records. You will not need them to file your 2015 tax return.
If you purchased health insurance on healthcare.gov or your state Health Insurance Marketplace, you will still report your health insurance information from Form 1095-A on your tax returns. And like last tax season, reporting your Marketplace insurance in TurboTax will be a simple as entering your W-2.
Do you have more questions about the ACA and how it impacts you and your taxes? Like with all tax laws, TurboTax is up to date and has you covered. You can get answers to your questions at TurboTax Health.