What You Need to Know About Tax Time

February 26, 2015

When you sit down to do your taxes for 2014 (either on your own or with some form of help), you might notice something slightly different.

Everyone must now state whether they had health insurance for the entire year.

If you got financial help with your health insurance, you’ll receive a form (called a Form 1095-A) with info about how much financial help you received.

You’ll need to enter the info on your Form 1095-A when you do your taxes, much like you would enter a W-2.

If your income or family size changed during 2015, that could change the amount of financial help you qualify for. It is possible that some people will get a larger refund as a result. Others may owe some money back (however, the amount that is owed back is capped for many).

If you had free or low-cost health insurance through Medicaid for the entire year, you can simply check a box saying that you had coverage.

Similarly, if you had coverage through your employer, you can simply check a box saying that you had coverage for the entire year.

If you did not have health insurance for 2014, you might have to pay a fine of $95 per adult or 1% of your income, whichever is higher. (Note: The fine goes up each year. For 2015, it’s $325 per adult or 2% of your income, whichever is more.)

You can get an exemption from having to pay a fine if any of these apply to you:

  • Your income is below the tax filing limit
  • You suffer a hardship that prevents you from being able to buy health coverage
  • Health coverage is unaffordable for you
  • You are incarcerated
  • The time you go without coverage is less than three months
  • You are an undocumented immigrant
  • You are a member of an Indian tribe

Didn’t know that the fine could impact you? Click here to see if you could still get covered!

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