TurboTax ACA Questions & Answers


TurboTax ACA Questions and Answers by The Sweet Spot Blog
The Affordable Care Act (ACA) or Obamacare is designed to ensure everyone has health insurance and imposes tax penalties on those who don’t.  2014 is the first year all Americans are required to maintain health insurance and you must report your health insurance status on your 2014 taxes filed in 2015.  Don’t worry, TurboTax has been simplifying the federal tax code for the past 30 years and has done the same with the new ACA tax rules.
Key-Facts

With software like TurboTax, you’re never exposed to the ACA forms – TurboTax has already done the work for you and will ask you the questions you need to answer so you can be confident your taxes are done right.  For most people (9 out of 10 taxpayers), complying with the ACA on taxes takes checking a box on their tax return to confirm they have health insurance.

We have compiled a list of the most often asked questions and answers to make this process easier.

Key-Dates

Q.  Will I have to pay a professional accountant or CPA to prepare my taxes?

A. TurboTax Health can provide you with the tools to understand the new health care rules and your taxesThe average tax refund last year (tax year 2013) was around $2,800 (Source: IRS.)   For Americans living paycheck-to-paycheck, this is the largest individual check they receive at one time.  Unfortunately, many of the people who need this money the most, are the people paying the most to get their taxes done because they’re not aware of the resources available to them.

Plans-Meet-Requirement

Q. What information will I need to provide?

A. Insured Through an Employer:
For most people (9 out of 10 taxpayers), complying with the ACA on taxes is a non-event because they have insurance through their employer, Medicaid, Medicare, or a private provider (Congressional Budget Office).  The TurboTax software will simply ask you to confirm that you have health insurance.

A. Insured through Exchanges:
This year 8 million people became insured through healthcare.gov or their state exchange (Congressional Budget Office).  Those who purchased insurance through the exchanges will receive a 1095-A form from healthcare.gov or their state exchange.  TurboTax will ask you to enter information from your 1095-A form, just like with your W-2 form.

A. Uninsured:
Roughly 42 million people are uninsured in America (Congressional Budget Office).  Those who do not have insurance and don’t qualify for exemptions will pay a penalty of about $95 or about 1% of their income.  If you’re currently uninsured, think about buying insurance this year during open enrollment.  TurboTax offers a free calculator to estimate how much your penalty may be for 2014.  The health care penalty is based on your family size and income.  You can find the free calculator at TurboTax Health.

Plans-Dont-Meet-Requirement

Q. How do  I know if I qualify for a health care exemption?

A. Only about 5% of people that qualify for an exemption have applied (TurboTax).  There are a number of reasons why someone may be exempt from the penalty for not having health insurance, like not meeting the minimum income requirement.  TurboTax Health offers free tools to help you understand if you might qualify for an exemption.

Health-Tax-Penalty

Q. How do I enroll for insurance through the Marketplace for 2015?

A. Americans who do not qualify for healthcare through an employer, can enroll for health insurance through the Marketplace and may even quality for government assistance through premium tax credits/subsidies.  They must sign up during the open enrollment period of November 15th, 2014 to February 15, 2015.  Eligibility is generally determined by household income and family size.  People can see if they’re eligible for a subsidy by checking out TurboTax’s health care calculator at TurboTax Health.

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.

[nrelate-related]


39 Responses to TurboTax ACA Questions & Answers

  1. Gino November 24, 2014 at 10:51 pm #

    Great info, freelancer’s appreciate help navigating taxes and healthcare.

  2. moon August 30, 2017 at 11:17 pm #

    thanks for the info

  3. Ontario Tax Credit August 30, 2017 at 11:25 pm #

    THANK YOU for this info! I want to helped my family members complete their tax returns for many years. The penalty and no health care will affect at least one of them, and I was concerned about my capability to help with 2015 returns. Also, your website is on my permanent bookmarks

  4. khan August 31, 2017 at 9:56 am #

    nice post, this is very informative! Keeping up with all the latest tax info is always Cloud Accounting a great idea.

  5. view publisher site December 18, 2017 at 10:19 pm #

    I simply want to tell you that I am all new to blogging and site-building and honestly enjoyed your web site. Most likely I’m planning to bookmark your blog . You amazingly come with amazing articles and reviews. Thanks a bunch for sharing your blog site.

  6. mattress sales in my area 75217 December 20, 2017 at 4:06 am #

    I possessed a mattress Serta Firm … as well as for a couple of years it was okay but in those 8 years my bones created a nearly hate from this.

  7. Tworzenie Stron GorzĂłw December 20, 2017 at 1:45 pm #

    I’ve recently started a site, the information you offer on this web site has helped me greatly. Thanks for all of your time & work.

  8. More Help December 20, 2017 at 7:07 pm #

    Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214

  9. my blog address December 21, 2017 at 7:43 am #

    MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks, Large Touch Screen Displays , Monitors, Digital Signages and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks, Touch Screen Monitors and Digital Signage. Visit MetroClick at http://www.metroclick.com/ or , 121 Varick St, New York, NY 10013, +1 646-843-0888

  10. treppenstufen aus polen December 21, 2017 at 9:23 am #

    I conceive this web site holds some real superb info for everyone :D. “When you get a thing the way you want it, leave it alone.” by Sir Winston Leonard Spenser Churchill.

  11. visit this page December 21, 2017 at 1:33 pm #

    Seriously engaging highlights you’ll have remarked, thanks a lot for writing.

  12. google SEO December 21, 2017 at 3:32 pm #

    Hey there. I discovered your website by means of Google whilst searching for a similar subject, your website came up. It seems great. I have bookmarked it in my google bookmarks to visit then.

  13. my web profile December 22, 2017 at 8:04 am #

    I simply need to advise you that I am new to blogging and genuinely liked your site. Quite possibly I am probably to bookmark your blog post . You simply have magnificent article information. Be Thankful For it for discussing with us the best url article

  14. Website Profile December 22, 2017 at 12:06 pm #

    MichaelJemery.com is a site with many hypnosis downloads. Whether you are looking for free hypnosis downloads, self hypnosis download for mp3, video and any audio files, Michael Jemery has the downloads for you. You can download hypnosis from apps, audio, mp3 and even youtube !

  15. wynajem zwyżek wrocław December 23, 2017 at 3:47 am #

    Greetings! I’ve been reading your web site for some time now and finally got the bravery to go ahead and give you a shout out from Huffman Texas! Just wanted to mention keep up the excellent work!

  16. podnosnik koszowy wrocław December 23, 2017 at 9:54 pm #

    An impressive share, I simply given this approach onto a colleague who has been doing a bit analysis on that: BLOGTITLE. And he in particular fact purchased me breakfast because of I found it with regard to him.. smile. So let me reword {that|which|in which|tha

  17. podnosniki koszowe wrocław December 24, 2017 at 10:52 pm #

    Hello! I’ve been reading your site for some time now and finally got the bravery to go ahead and give you a shout out from Lubbock Tx! Just wanted to say keep up the fantastic job!

  18. Liposukcja Wodna December 26, 2017 at 11:46 pm #

    Nice read, I just passed this onto a friend who was doing some research on that. And he just bought me lunch because I found it for him smile Thus let me rephrase that: Thanks for lunch! “He who walks in another’s tracks leaves no footprints.” by Joan Brannon.

  19. Treppen Polen December 27, 2017 at 3:09 pm #

    Its fantastic as your other posts : D, regards for putting up. “Reason is the substance of the universe. The design of the world is absolutely rational.” by Georg Wilhelm Friedrich Hegel.

  20. Księgowość Gorzów December 28, 2017 at 5:47 pm #

    You are my breathing in, I have few web logs and often run out from brand :). “To die for a religion is easier than to live it absolutely.” by Jorge Luis Borges.

  21. Health December 29, 2017 at 4:27 pm #

    you’re really a excellent webmaster. The web site loading velocity is amazing. It sort of feels that you are doing any distinctive trick. In addition, The contents are masterwork. you’ve performed a wonderful activity on this topic!

  22. Usługa Zgrzewania Rur December 29, 2017 at 7:12 pm #

    Very interesting points you have noted , thanks for putting up. “The thing always happens that you really believe in and the belief in a thing makes it happen.” by Frank Lloyd Wright.

  23. Doppelstabmattenzaun December 31, 2017 at 1:09 am #

    Very interesting points you have mentioned , appreciate it for putting up. “Never call an accountant a credit to his profession a good accountant is a debit to his profession.” by Charles J. C. Lyall.

  24. Home Improvement January 1, 2018 at 4:27 am #

    F*ckin’ awesome things here. I am very glad to peer your article. Thank you a lot and i’m looking forward to touch you. Will you please drop me a mail?

  25. Home Improvement January 1, 2018 at 4:27 am #

    Very interesting info !Perfect just what I was looking for! “To see what is right, and not to do it, is want of courage or of principle.” by Lisa Alther.

  26. Zäune Aus Polen January 1, 2018 at 9:39 am #

    you are truly a good webmaster. The site loading pace is incredible. It seems that you’re doing any distinctive trick. In addition, The contents are masterwork. you have done a excellent activity on this matter!

  27. Tworzenie Stron January 1, 2018 at 10:46 am #

    Very interesting points you have observed , appreciate it for putting up. “Nothing ever goes away.” by Barry Commoner.

  28. Kiedy Zwrot Podatku January 2, 2018 at 5:44 pm #

    You have brought up a very good points , thankyou for the post.

  29. Nc+ Pakiety January 3, 2018 at 5:42 pm #

    Thank you for helping out, good info. “The four stages of man are infancy, childhood, adolescence, and obsolescence.” by Bruce Barton.

  30. Restauracje Gorzów January 4, 2018 at 7:34 pm #

    Just wanna comment on few general things, The website pattern is perfect, the content is rattling fantastic. “The enemy is anybody who’s going to get you killed, no matter which side he’s on.” by Joseph Heller.

  31. Cyfrowy Polsat UK January 6, 2018 at 6:45 am #

    Hi my family member! I want to say that this post is amazing, nice written and come with almost all important infos. I would like to look more posts like this.

  32. News January 6, 2018 at 8:47 pm #

    I have not checked in here for some time because I thought it was getting boring, but the last several posts are great quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend :)

  33. Ferguson January 8, 2018 at 1:45 pm #

    you are in reality a good webmaster. The web site loading velocity is amazing. It sort of feels that you’re doing any unique trick. Furthermore, The contents are masterwork. you have done a magnificent job on this matter!

  34. Liftlux Sl172-18 January 8, 2018 at 3:39 pm #

    I have not checked in here for a while since I thought it was getting boring, but the last several posts are good quality so I guess I will add you back to my daily bloglist. You deserve it my friend :)

  35. dealership January 12, 2018 at 10:37 am #

    Keep functioning ,terrific job!

  36. http://blogcabinca.org January 13, 2018 at 7:14 pm #

    Wow, marvelous blog layout! How long have you ever been running a blog for? you made running a blog glance easy. The full look of your site is magnificent, let alone the content!

  37. http://historicdowntownmocksville.com January 16, 2018 at 8:03 am #

    Hello my family member! I wish to say that this post is amazing, nice written and include approximately all vital infos. I would like to peer more posts like this .

  38. music company January 20, 2018 at 10:33 pm #

    magnificent submit, very informative. I’m wondering why the other experts of this sector do not realize this. You should continue your writing. I’m sure, you’ve a huge readers’ base already!

  39. cheap plane tickets January 20, 2018 at 10:34 pm #

    Thank you, I’ve just been searching for information approximately this subject for a long time and yours is the best I’ve discovered till now. But, what about the conclusion? Are you sure in regards to the supply?

© 2012, The Sweet Spot Blog. All Rights Reserved.