Already another year has passed and it is time to not only get through the holidays, but also get ready for a new year of tax filing. For us, doing our taxes is a big deal. Being a family with a small business, we not only have to keep track of all our income and costs, but also have to provide health insurance for our family.
With 3 kids it is important to make sure they have coverage for any medical expenses. For us we have to source our own private insurance and with the ACA in place there is also filing required when it comes to our taxes. Lucky for us, TurboTax makes it easy to file our taxes as we as getting us the proper deductions and taking care of filing a 1095A or 1095-B/C which are forms required to report indicating coverage of health insurance.
- 1095A may be provided for those like us who use our states healthcare exchange Covered California, or those who purchased their health insurance plan on healthcare.gov or other state insurance marketplace. The form provides information about period of coverage, premiums and any subsidies payed based upon one’s income.
- 1095-B/C may be provided to those with insurance through an employer, government program, such as Medicare or Medicaid (outside of the Marketplace), or other private insurance. Check with the IRS, your employer or TuboTax to see if the actual form is needed to file.
TurboTax makes it simple, just into the information when TurboTax requests it and it will be calculated and filed with your return. This year a PDF upload is available. Reporting on TurboTax is so easy it can be done on a smartphone or tablet.
This is the 2nd year for filing the about healthcare but will be as simple as check some boxes and maybe inputting some information. TurboTax will ask a few basic questions about your life and file the required compliance form. There are no extra costs and resources provided by TurboTax.
TurboTaxHealth.com provides helpful tools and advice about taxes, policies and the ACA. TurboTax offers free tools and calculators to find out how the ACA can affect your taxes.
Find out if you qualify for payment assistance, any exemptions for going without insurance. Find out how much of a penalty will be applied for not purchasing health coverage with the Penalty Calculator Tool.
For us the biggest part in file our taxes are have the ease to simply respond to a list of questions on my own time. TurboTax lets me save my return if I need to work on it at a later time. With the comprehensive sections (can opt to pass on them if they do not apply) of questions finding deductions that work for us like student loans repayments, buying home, small business deductions, charity donations and more.