Open enrollment is underway and individuals all over the country signed on plans for health insurance. In fact, nine out of ten Americans have health insurance now. But away with tax returns season only a few weeks, you know that you have to report your health insurance status for 2014 tax returns? 
A recent TurboTax survey found that only 48% are aware that health insurance need be shown on their 2014 taxes. Here's what you need to know so you do not unprepared, how to place your 2014 tax return.
coverage insurance on your taxes
2015 is the first year, to prove the Americans have health insurance to qualify. This happens when your 2014 tax file.
If you (is most people this April 2015 15, do) file your 2014 tax return, you will enter information about your health (or liberation) on the return. You should send a message from your health insurance company by 31 January 2015 and with your taxes to use to describe your coverage status during the past year.
Remember, the reporting information that you report this year refers in 2014 on your coverage so that health insurance that you acquire during this current open enrollment period (now passes through February 15, 2015) is, if so in 2014 not to have returns in April 2016.
[1945011eingereichtrelevantsein] cover, and do not meet for an exemption, you will pay a feeUnder the Affordable Care Act, if you do not have coverage and not for an exemption, then you will pay a fee.
In 2014, the fine is the greater of $ 95 for each adult and $ 47.50 for each child up to $ 285 per family or 1% of the family income less Federal tax returns threshold. The federal tax returns threshold is $ 10,150 for a person. Files individually, $ 20,300 for someone who shared files
The fee on an amount equal to the national average premium for the lowest cut costs Bronze health plan on the market place. In 2014, the maximum individual mandate penalty an individual or family pays for health insurance is not the $ 2,448 per person per year or $ 12,240 for a family of five.
also is the fine based on judges' coverage months. " this means that you are not covered every month, you can thank 1/12 of the year fine. However, be short periods of uninsured not the subject of a fine (see exceptions below).
exceptions to Fee
to an exemption of the fee into consideration if you:
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Can not afford coverage (defined as those who pay for the lowest more than 8% of their household income costs Bronze plan available to them through the marketplace)
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are not a US citizen, a US national, or a resident alien lawfully in the US
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for less than 3 had consecutive months in reporting a gap in the course of
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not file a tax return because your income is below the tax return threshold (2014 is the tax return threshold 10.150 $ for individuals and $ 20,300 for a couple)
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Are not qualify able for Medicaid because your condition
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Participate did not extend to a health-sharing service or a member of a recognized religious sect, the program decided to oppose the health insurance
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are a member of a federally Indian tribe imprisoned recognized
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are
Others who do not comply with these categories, but have experienced a hardness that makes it difficult to purchase insurance, can apply through the health insurance market for an exception, the individual responsibility requirement.
more about the emergency exceptions, read here.
You will have your Premium Tax Credit for Tax Time Match
, the last thing you know your insurance company about the coverage of your 2014 tax have is that when you get a premium tax credit, the amount you receive will be brought in line with your actual household income is.
The reconciliation process will check the actual income and determine if an overpayment or underpayment was. Any overpayment must be repaid by the individual. A will result in a refund underpayment.
However, there is a maximum amount that individuals and families are required to pay based on their income. Individuals earning less than 0% of the federal poverty level (FPL) will repay no more than $ 300, earn 0-300% of FPL individuals will repay, no more than $ 750 and individuals earn 300-400% FPL will repay no more than $ 1,250.
more on reconciliation and repayments because read: Health Insurance Tax Credit FAQ - What if my income changes
Need help coverage insurance on your taxes?
Whether you are an individual or small business to seek help, do not worry, there is help. Contact a tax professional, visit H ealthCare.gov , or leave a comment below, and we will help to answer them.
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