An easy to understand list of key questions and answers for those who are still confused about the Affordable Care Act.
The requirement to purchase health insurance for most uninsured Americans was effective on March 31, 2014. If you already have minimum essential coverage provided by your employer, Medicaid, Medicare, private insurance, or your parents then you were not required to purchase health insurance by the March 31 deadline.
Since long before the Affordable Care Act (ACA) was signed into law in March 2010, there have been many myths and misconceptions surrounding whether or not the health care reform law would have an impact on individuals, families and small businesses.
To help you separate fact from fiction, we have addressed some common myths and misconceptions associated with the Affordable Care Act.
Myth: Only low-income people are eligible to receive discounts to help with premiums.
Reality: Not true. People with income up to four times the poverty line, which is about $95,000 for a family of four, can receive a…
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It is vital that you know your options. Regardless of tax breaks, you need some type of health coverage.
Each year, June 28 marks National Insurance Awareness Day, serving as a reminder that it’s a good time to review your insurance coverage and ensure that it still fits your needs.
This is particularly true for health insurance and making sure you have the right amount of coverage at an affordable cost.
Health insurance can be expensive, so being able to claim a tax deduction for some of your insurance costs can help you save come tax time.
Since there are specific rules and qualifications you must follow, here’s an overview of when you can and cannot claim a tax deduction on your health insurance.
When health insurance is not tax-deductible
If you didn’t pay for health insurance, you can’t take a tax deduction for it. If your employer pays your health insurance premiums, you can’t deduct those costs. However, if an employer only pays for part of your…
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As part of the Affordable Care Act, there are new coverage options available to you and your family for health care if you are uninsured and don’t have insurance options through your employer, Medicaid, or Medicare.
While the Health Insurance Marketplace, also known as the online exchange, will open for 2015 enrollment on November 15, 2014, it’s never too early to start thinking about new health care plan options.
If you happened to miss the 2014 open enrollment deadline on March 31st, you can still buy a Marketplace health plan if you qualify for a special enrollment period following certain life events like getting married or having a baby.
If you have questions about health care and the Affordable Care Act, TurboTax Health is a free resource available to help answer your questions, get information on your healthcare options, and understand if you qualify for money-saving subsidies from…
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The Affordable Care Act required most Americans, even millenials, to have minimum essential health insurance coverage by March 31, 2014 or face a tax penalty on 2014 taxes filed in 2015.
If you’re a twenty-something who is a college student, grad school student, or someone about to start your first job, you might be wondering how your age and the Affordable Care Act affects your health care situation and taxes.
As a twenty-something under Obamacare, you have the opportunity to remain on your parents’ insurance plan until you reach the age of 26 and avoid facing a tax penalty, even if you are married or do not currently live with your family.
That also applies even if you are financially independent from your parents or are eligible for your employer’s health insurance plan – as long as you are under the age of 26 you’re allowed to stay on…
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I know firsthand that moving stinks. During the mid-1990s, I moved five times in four years.
It slowed down for a while, but we still managed to move our family three times in two years between 2010 and 2012.
Whether you move 600 miles or 600 feet, the packing, lifting, carrying, unpacking, truck renting, setting up, cancelling, and moving utilities adds up to be as much fun as a week of dental extractions.
Not only that, moving isn’t cheap either. Between gasoline, packing materials, moving assistance, and insurance, the costs can really add up.
Often, you have to come up with closing costs or security deposits at the same time as the move.
All of this might get you thinking, “Are any of my summer-time moving expenses tax deductible?”
Who Can Deduct Moving Expenses?
To deduct your moving expenses, your move must be related to starting a…
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For most people, the Affordable Care Act (ACA), also known as Obamacare, had no effect on their 2013 federal income tax return.
This was due in part to the fact that many of the tax provisions under the Affordable Care Act went into effect on January 1, 2014, just after the time frame to be included in your 2013 tax return.
Starting in 2014, you may see changes on your 2014 taxes related to the Affordable Care Act and TurboTax Health wants to make sure you’re prepared.
Proving You Have Health Coverage or Are Exempt When Filing Taxes
You’ll be required to provide information about your health insurance coverage or any exemption of the requirement when you file your 2014 federal income tax return in 2015.
The amount employers pay for employer-sponsored group health plans will be required to be reported on the employee’s 2014 W-2.
It’s important to note…
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