Healthcare and Taxes

Marketplace Open Enrollment 2016 is right around the corner. Now is a better time than ever to consider how your healthcare coverage choices may affect your taxes in the coming year.  When looking at options, it might look and feel like information overload. What is best for you and your family, and your healthcare and taxes? That is where TurboTax comes in to play. TurboTax has been helping people with their taxes since the mid-1908’s. Over the years, it has evolved to meet the everchanging needs of the American tax payer. Most recently, with the addition of the Affordable Care Act, TurboTax has evolved in order to make it easier for you to manager your healthcare and taxes more efficiently.

How TurboTax Helps With Healthcare and Taxes

5 Ways TurboTax Helps With Healthcare and Taxes

  1. It’s Easy as Checking a Box: This is the second year taxpayers will be reporting their health insurance status on tax returns, and for most, it will be another year when they will just need to check a box with TurboTax to indicate they have health insurance. Will you be included in the 8 out of 10 households who will simply be clicking a button again in TurboTax this year?
  2. Employer Sponsored Insurance: People who have insurance through an employer, government program, such as Medicare or Medicaid, or other private insurance, will receive a tax form from their employer or insurance provider confirming their coverage. Even better, you don’t need to wait for these forms before filing your taxes.
  3. Free Tools and Resources: TurboTaxHealth.com is a helpful resource for people to learn about the effect of heath care policies on their taxes. TurboTax offers a suite of free tools and calculators that make it super easy to learn how the ACA might impact your taxes and finances. You can see if you qualify for assistance to pay for your healthcare, what your penalty for not have coverage might be, and if you qualify for any exemptions.
  4. No Extra Fees: TurboTax believes that American taxpayers should be spending their hard-earned money on keeping families healty, not having to pay to how they are complying with health care law. Therefore, TurboTax does not charge tax payers any extra fees for health care related forms to comply with the ACA.

Overall, TurboTax makes it easy and affordable for users to file their taxes and helps to keep you apprised of the rules and regulations surrounding the Affordable Care Act. They also have a great site where you can find tons of resources such as an Income Estimator Tool, Subsidy Calculator Tool, and videos to help guide you through forms and the open enrollment process. Take a look at the below TurboTax infographic on key dates for the 2016 healthcare open enrollment, and be sure to visit TurboTax for answers to any of your open enrollment questions about healthcare and taxes!

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.