It’s Open Enrollment Time…What You Need to Know About Healthcare & Taxes

By Shannon Gurnee
In Finances
November 24, 2015
18 Comments
1671 Views

#TurboTaxACA #ad

As self-employed individuals, both my husband and I are responsible for obtaining our own health insurance rather than through big companies or corporations. What does this mean for us? This means it’s time to start looking at our options for health insurance for 2016 during Open Enrollment and make the most cost-effective decisions for our family! Please note that Open Enrollment is from November 1, 2015 through January 31, 2016. I recently discovered that TurboTax has easy-to-use online tools that will help us with the process.

I’m amazed at how much help there is through TurboTax when it comes to figuring out our family’s health insurance options! I can use the Subsidy Calculator Tool and see what we will pay for a penalty next year if we don’t have health insurance during 2016. I can also use the  see if we qualify for assistance with our health insurance premiums through the Federal or State Marketplace.

Similar Process as Last Year

Let’s look more at those who currently have health insurance. Did you know that for nearly 80% of taxpayers, reporting their health insurance this year again will be as easy as checking a box with TurboTax? This is the second year taxpayers will be reporting their health insurance status on tax returns, and for most, it will be another year when they will just need to check a box with TurboTax to indicate they have health insurance.

Tax Forms

We all know that when it comes to filing taxes, there can be lots of different forms when it comes time to file taxes. Not surprisingly, there will be forms regarding health insurance – specifically the 1095-A, 1095-B and 1095-C forms. Let’s take a closer look at the different forms.

The 1095-A form will be for people who purchased a health insurance plan on healthcare.gov (or their state health insurance marketplace). This form will confirm their coverage, premiums and any subsidies they received to help pay for health insurance. In TurboTax, entering 1095-A information will be as simple as entering a W-2. When prompted, taxpayers will just need to enter the information on their 1095-A into TurboTax and TurboTax will do the rest! It’s even easier to report this information with a PDF upload. Pretty cool, right??!!

Taxpayers who have insurance an employer, government program (such as Medicare or Medicaid), or other private insurance may receive a 1095-B or C form. You don’t need these forms to report insurance and file taxes – they are for your records only. According to the IRS, you don’t need to wait for these forms to file your taxes. Taxpayers will simply review the forms for accuracy and keep the 1095-B or -C forms for their records.

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About TurboTax

There are a lot of things I love about TurboTax, but one thing especially is how easy they make it to do your taxes! Especially if you’ve had a life change (like we did when we got married in February). Life changes can include having a baby, getting married, getting divorced, and more. I also like that TurboTax has a variety of free tools you can use. For instance, TurboTax does not charge taxpayers any extra fees for any health care related forms. At TurboTax, they believe that American taxpayers should spend their hard-earned money on keeping their families health, not on having to pay to show they are complying with the health care law. TurboTax makes filing taxes easy and reporting your health insurance should be no different. Just answer a few basic questions about your life and they do the rest!

Have you used TurboTax before?
What feature do you like about TurboTax when it comes to healthcare?

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

About Has 1258 Posts

Shannon Gurnee (formerly Shannon Gosney) is the author of The Mommy-Files, a national blog with a loyal following. She has a Bachelor's Degree in Marriage, Family, and Human Development with a Minor in Business Management. Shannon and her husband, Frank, have a large family with 6 awesome kids and love living on the Central Coast near San Luis Obispo, California, as well as traveling around the world. A full-time Social Media and Professional Blogger, Shannon also serves as a National Brand Ambassador for many well-known companies. Her blog focuses on motherhood, family fun activities, traveling, fashion, beauty, technology, wedding ideas and recipes while providing professional opinions on products, performances, restaurants, and a variety of businesses.

18 Responses to “It’s Open Enrollment Time…What You Need to Know About Healthcare & Taxes”

  1. […] post It’s Open Enrollment Time…What You Need to Know About Healthcare & Taxes appeared first on The […]

  2. The taxes part of the ACA is a bit confusing. Thanks for sharing this.

  3. Jeanette says:

    We have used Turbo Tax many times and I have always loved the ease of it. I would use it again in a heart beat.

  4. lisa says:

    I use to use Turbo Tax before I was married and it was great. My husband has an accountant we use but I would use Turbo Tax if I didn’t!

  5. Ron says:

    Turbo Tax user for 10 years! So easy to use.

  6. Liz Mays says:

    TurboTax is really helpful. I really like that it can pull data from previous years so you don’t have to worry about reentering anything.

  7. Jeanine says:

    I love turbotax. I couldn’t figure it out but we had someone do it for us using it! In Canada things are a bit confusing or at least thats what I tell myself.

  8. ricci says:

    I love Turbo Tax!! I have used it many years and never had a problem. I don’t spend enough on healthcare for it to matter in my taxes. Dang it!

  9. Angie says:

    Being an adult is rough. Having to do taxes and enroll in benefits-sheesh! I wish my mom could do it for me. lol

  10. I’ve been hearing a lot about Turbo Tax from my sister. She says, this is really a great service.

  11. I have several family members who use Turbo Tax and they have had really good results. They in fact have continued to use them totally hassle free. The last thing someone wants or even needs at tax time is stress over the unknown or healthcare so this is great insight!

  12. TurboTax is a great way to get your taxes done. I use it every year and i never have to stress out.

  13. Krystal says:

    TurboTax is easy to use. We use it EVERY year to simplify the process.

  14. Tonya C says:

    Thanks for the info. Tax time and health benefits can be very confusing.

  15. Just like they promised TurboTax helped me get my taxes done right! They made everything less stressful! Love it!

  16. I am Canadian so basic health insurance is automatic. We get additional coverage through my husband’s employer (dentist, chiropractor, physio, ortho). It is paid by both the employee and the employer. I have to admit, we do have Turbo Tax here but we don’t have to check off any box stating we have insurance. That is very convenient if you do have to do that.

  17. ashleigh says:

    I am all about making the taxes process easier. I have many friends who swear by TurboTax software and how easy it is to use.

  18. I alternate a lot but I have used Turbo Tax before. Honestly I need to think about Christmas before I worry about Taxes! LOL 🙂

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