Americans need to report their health insurance status on their 2013 tax returns, but many don’t realize this. In matter of fact, a survey revealed that 48% of Americans are not even aware that they have to report their health insurance status on their returns.
2015 is going to be the first year that Americans will need to prove that they have qualifying insurance. If they don’t have qualifying insurance, then they will be faced with a tax penalty. Many Americans also don’t realize that the deadline they need to meet in order to avoid the penalty has already passed. Health insurance that has been bought during the current enrollment period will apply to 2016 filed returns.
56 percent of those without insurance were not aware of the fact that those who are uninsured need to meet criteria before they qualify for an exemption from Obamacare taxes.
Almost half of … Read 2015 Tax