When Can You Claim a Tax Deduction for Health Insurance?

It is vital that you know your options. Regardless of tax breaks, you need some type of health coverage.

The TurboTax Blog

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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Tips for Choosing a Health Care Plan Under the Affordable Care Act

The TurboTax Blog

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 Twenty Something’s Guide to the Affordable Care Act

The TurboTax Blog

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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Can I Deduct My Summer-Time Moving Expenses?

The TurboTax Blog

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?”

Quite Possibly.

Who Can Deduct Moving Expenses?

To deduct your moving expenses, your move must be related to starting a…

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Obamacare and Taxes: How are They Connected?

The TurboTax Blog

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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How You Can Save Up To $2,100 on Summer Day Camp

Some summer saving tips from the Turbotax gang.

The TurboTax Blog

Schools out for summer and you may have been trying to figure out more ways to save. If you’re like most parents, you’re probably wondering how you’re going to keep your kids busy without breaking the bank.

You may also be considering entering the job market again this summer, but don’t know how you can afford to work with the prices of daycare these days.

Whether you are a parent already working or you are planning to enter the job market again this summer, you may be surprised to find that you can save up to $2,100 on your taxes when you file just because you sent your kids to summer day camp.

Under the Child and Dependent Care Credit, you may receive a credit up to $1,050 of your expenses for one child under 13 and up to $2,100 for two or more children under 13 and…

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Relax and Receive – Blog 162

Some great advice for your well being.

A Cup of Caroll

“Success is not to be pursued; it is to be attracted by the person you become.” – Jim Rohn

Thank you to all who sent me your birthday greetings and good wishes! Something that really stood out for me about this one is that throughout the extended celebration that my husband and dear friends created for me, I felt totally relaxed and fully present to every enjoyable minute.

I didn’t sweat the crowds at Disneyland nor worry about the time or my bank balance. I let go of pushing for anything to happen at a certain time in a certain way and just allowed God/the Universe to bring me great experiences and happy memories. Despite the crowds, we got on our favorite rides with fairly short waits and the time seemed to pass more slowly than usual, extending the pleasure I was feeling.

Wonderful surprises happened too: A couple we didn’t know…

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