If you don’t have insurance you’ll face penalties under ACA when filing your 2014 Taxes.
Obamacare aka The Affordable Care Act requires you and each member of your family to have basic health coverage. This insurance coverage can be through any of the following;
- employer-sponsored plan
- private health insurance company
- government program (ie. Medicare or Medicaid)
- federal or state marketplace (health insurance exchange)
If you don’t have health insurance under one of the four sources mentioned above, you’ll be forced to pay a fee when filing your taxes in 2015. The only way to get around this fee is if you qualify as an exemption.
You’ll be Forced to Pay a Penalty
If you’re not exempt from buying health insurance, you’ll be forced to pay a penalty when you file your 2014 Tax Return. This payment is called the Individual Shared Responsibility and will total the greater of;
-
$95/ per adult + $47.50 per child (up to $285 per family)
OR
-
1% of your income
Sign Up for 2015 Health Insurance
If you didn’t have insurance in 2014, you’ll be forced to pay the penalty when filing your 2014 taxes. To avoid the penalty next year when filing, you should sign up for 2015 health insurance through your state’s exchange or the health insurance marketplace as soon as possible.
Open enrollment to sign up for health insurance started on November 15, 2014, don’t wait too long!
File Your 2014 Taxes in 2015
Once the 2015 Tax Season begins, you’ll be able to e-file your 2014 Taxes. The good news is you can prepare your 2014 return today with RapidTax. Create an account to get started.
Why waste hours of your day trying to do your taxes yourself? RapidTax will do the hard work for you!
Photo via Colin Dunn on Flickr
