KHN Video: Tax Deadline Meets The Health Law
Are you still聽getting聽your taxes done? Don’t forget that your 2014 tax bill could be affected by your health insurance.
The federal health law requires that most people have health coverage. If聽you were聽insured聽through work, bought a plan on the new insurance marketplaces or enrolled in Medicare Part A, Medicaid or Tricare you likely met the聽requirement and can simply check that box off on your .
If you didn鈥檛 have coverage or had it for only part of the year, you need to fill out .聽That lets you claim an exemption or calculate your penalty.聽That penalty is $95 or 1 percent of your family鈥檚 income, whichever is greater.
The law allows some coverage exemptions, like if you didn鈥檛 make enough money to have to file a tax return or suffered a financial hardship. See page 2 of the for the full list.
If you are facing an unexpected penalty for not having insurance, and want to avoid the same penalty for 2015, the government has opened a for you to buy a plan on the marketplace through April 30.
Some people face other unwelcome tax news. If you received federal subsidies to help buy insurance and underestimated 聽your 2014 income, you may聽have to pay back the government.
How do you聽figure out if you owe the government money? First,聽review聽, which you received聽from the marketplace, to find聽the amount of聽your 2014聽subsidy. Then, transfer that number and fill out聽聽to calculate聽how much you聽must pay back.
For more information on tax implications of the health law, visit or go to Kaiser Health News’聽“” columns for more advice.