Have you filed your taxes yet? Or, are you like many and wait until closer to the deadline to file? While the whole tax filing process is stressful for most people, you can't help but get excited when you find out you will be getting a refund. A refund for most people means vacations, splurging on a new toy, or if you are good, paying down debt you have. But, this year you may be surprised to find that you may not be getting a refund or at least not what you were hoping for, due to having to pay a health care insurance penalty.
When filing your taxes for 2014, tax filers are now required through the Affordable Care Act (ACA) to have health insurance coverage, either through your employer, ObamaCare or a marketplace. If you are unable to prove you are exempt from the new health insurance coverage requirement, you will find yourself having to pay a penalty. Not fun!
"Did you know that 48% of Americans don’t know they are required to report their health insurance status on their upcoming 2014 tax returns? TurboTax Health provides users with the tools to understand health care and your taxes, no matter your health insurance situation. So get educated, get ahead, and get your maximum return this tax season."
So, what do you need to know when preparing to file your taxes this year? Well, TurboTax has taken the guesswork out of what you need to know about this new ACA requirement by sharing information for insured filers, marketplace insured filers and uninsured filers through their TurboTax Health section. In addition to sharing an overview about this new requirement, TurboTax will walk you through a series of questions to determine if you are eligible for a health insurance premium discount, through their Enrollment Guide. This Enrollment Guide is great for those who don't have coverage through an employer, having trouble paying their current health insurance, have Medicare, Medicaid or VA, or are insured on their own.
I answered the straightforward questions and found that my family could save about $234 per person on health insurance costs. Then, I was redirected to a marketplace that shows health insurance plans available in my state and what the costs would be -- including monthly costs, deductibles, office co-pays, ER visits, etc. I have to say that I was impressed with how everything was spelled out and there for you, without having to open up additional web browsers to seek out further information. You could even check to see if your current doctor accepts the health coverage plans offered through the marketplace.
For those who didn't have health insurance coverage, or have started 2015 without coverage, the exemption check section found at TurboTax Health is something you want to check out. Similar to the enrollment guide, the Exemption Check area will ask you a series of questions, which takes about 3 minutes, to determine if you are eligible for an exemption and will not have to pay the health care penalty, which is now in place beginning this tax filing year, and onward.
I found through the Enrollment Guide section when browsing affordable health insurance options that if I didn't have health insurance coverage, my health care penalty for 2014 could have been around $1800. I don't know about you, but I would have to get to the last line of filing taxes and find that you owe this type of money, which you weren't planning for.
Check out TurboTaxHealth.com to learn more about your health insurance and taxes, including finding out if you’re exempt from the tax penalty.The unknown is one reason why so many people dread tax time. The unknown about how much you may owe compared to getting money back, not knowing how much a CPA or tax accountant will charge to do your taxes (some charge upwards of $500-800, depending on how complicated your filing is, or how much you are getting back). But, thanks to TurboTax, you can breath easier for so many reasons. Not only does TurboTax simplify the whole tax filing process through their online or software based filing system, but they also provide 100% accurate calculations, maximum refund and audit support guarantees. So, you know that when you file using TurboTax that you will be getting the maximum credits and deductions that you are eligible for. TurboTax searches over 350 credits and deductions, while also double checking your returns to maximize our refund, so you are not left wondering if you should have gotten back more once you hit the send button. I began using TurboTax a few years ago after having had a few bad experiences with tax accountants. Either they charged too much for services after finding out how much we were getting back, or they didn't check and see if there were additional credits and deductions that applied to us, thus putting more money into our pockets, or reducing the amount we owed. While we never had to go through audit based on what our tax accountant had filed, I personally know a few people who had, and this was one stressful situation that they never want to relive.
With easy step-by-step guidance, TurboTax walks you through the different tax filing sections, and has you double check your responses before saving and moving on. And, if you are like me and don't have time to sit and file your taxes in one sitting, you'll love the ability to save your taxes and information you provide, and go back to it at a later time.
I have found working in piece meal also makes the whole tax filing process a more pleasant one, as I don't have to wrack my brain for hours, trying to stay in tax-mode, with little ones running around the house or needing my attention. I am able to pull up my taxes on my phone, tablet and computer and pick up where I left off, before saving again and again, and going back until I am done and ready to file.
And, best of all, I don't have to worry about finding myself shocked about the cost of filing using TurboTax. They list their pricing directly on their website, and will never tack on hidden costs. And, as a bonus, through February 16th, you can take advantage of the Absolute Zero promotion that TurboTax is offering and file your federal AND states for FREE, if you're one of the 60 million who file using a simple return (1040A/EZ) Try saying that about competitors, who share for state filings, etc.
Take advantage of this limited time Absolute Zero FREE Filing Offer (ends 2/16) by visiting TurboTax.com to file your taxes today!
So, as you gather up your paperwork needed to file your taxes for 2014, why not making the whole filing experience a more pleasant one, by using TurboTax. I am so happy I made the switch to TurboTax a few years back and haven't thought about switching. With their 100% calculations check and getting my family the maximum tax refund we deserve, I know I am in good hands with TurboTax. And, you will be too! Visit TurboTax to learn more today. And, don't forget to check out their TurboTax Health educational tool, to make sure you have the necessary health coverage or exemption, to prevent being hit with a tax penalty.
There are even videos that explain the step by step process of ACA reporting based on your filing status, so you report accordingly and act for 2015, making sure you have health coverage in place to prevent a future ACA penalty come tax time.
Check out how TurboTax works for insured filers, uninsured filers and those who purchased health insurance through healthcare.gov or a state marketplace.
You'll never question if you are forgetting to add in a particular number or information, as you will be prompted for all necessary information through the different sections, which are broken down, making the whole tax filing process easy. Then, you can think about what you will do if you have money coming back to you...plan a family vacation, enjoy a spa day, buy a tech gadget or other toy you have been eying, etc. But, first you have to get your taxes done, and make sure you are covered when it comes to health insurance for 2014 and 2015, so you don't have to pay a hefty penalty.
Don't forget to follow TurboTax on their social media pages to stay up-to-date on news, promotions and more...
Disclosure: This post is part of a social shopper marketing insight campaign with Pollinate Media Group® and TurboTax, but all my opinions are my own. #pmedia #TurboTaxACA http://my-disclosur.es/OBsstV.