What Health Care Forms Should I Have When Filing My Taxes?

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Now that Americans are required by the Affordable Care Act to report their health insurance status on their federal income taxes, having the correct health-related forms on hand can make filing your 2014 taxes a lot easier.

The law requires most Americans to have health insurance or pay a tax penalty when they file their taxes. The fine for being uninsured in 2014 is $95 per person and $47.50 per child (capped at $285 for families) or 1% of household income, whichever amount is greater.

Here’s information about documents you will need to file your 2014 taxes if you purchased health insurance in the Marketplace:

  • Policyholders who bought through the Federal or a State Marketplace will receive a Health Insurance Marketplace Statement (IRS Form 1095-A) in the mail or online from the Health Insurance Marketplace. This form has information about your policy, including the type of plan, the individuals covered, and whether you received an advance premium tax credit.
  • The advanced premium tax credit received based on 2014 estimated income when you shopped in the Marketplace will be compared to the actual premium tax credit you should have received and reported on Form 8962. TurboTax does the calculation for you based on information entered from the 1095-A.
  • If you are claiming a non-coverage exemption from the tax penalty a Form 8965 will be generated. This form must be completed whether you apply for an exemption when you file your taxes or directly from the Marketplace.
  • Some non-coverage exemptions, including hardship cases, require applying to the Marketplace in advance to receive an exemption certificate number (ECN). If you are waiting for an ECN you can enter “pending” which will appear on IRS Form 8965.
  • You will not see information about non-Marketplace policies from other insurers (IRS Form 1095-B) or from employers (IRS Form 1095-C) until 2015 tax filing.

Like all tax laws TurboTax has you covered.  If you have more questions about the Affordable Care Act and how it impacts your taxes, you can get answers at TurboTax Health. You can easily file your taxes with TurboTax and there is no charge to file Affordable Care Act forms.



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