Tax Time Gets New Ritual: Proof Of Health Insurance

Insurance status is becoming part of tax season.i
i

Insurance status is becoming part of tax season.

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ImageZoo/Corbis

Insurance status is becoming part of tax season.

Insurance status is becoming part of tax season.

ImageZoo/Corbis

In addition to the normal thrills and chills of the income tax filing season, this year people will have the added excitement of figuring out how the health law figures in their 2014 taxes.

The good news is that for most folks the only change to their filing routine will be to check the box on their Form 1040 that says they had health insurance all year.

“Someone who had employer-based coverage or Medicaid or Medicare, that’s all they have to do,” says Tricia Brooks, a senior fellow at Georgetown University’s Center for Children and Families.

But for others, there are several situations to keep in mind.

If you were uninsured for some or all of the year

If you had health insurance for only part of 2014 or didn’t have coverage at all, it’s a bit more complicated. In that case, you’ll have to file Form 8965, which allows you to claim an exemption

Article source: http://www.npr.org/blogs/health/2015/01/13/376783972/tax-time-gets-new-ritual-proof-of-health-insurance?utm_medium=RSS&utm_campaign=affordablecareact

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