Nearly Half Of All US Residents Don’t Know That They Have To Report The Status Of Their Health Insurance On Their 2014 Tax Returns
A recent survey has revealed that nearly half of US residents (approximately 48%) do not know that they are supposed to report their health insurance status on their tax returns for 2014. With tax time just around the corner, the Health Survey by Intuit TurboTax (Nasdaq: INTU) that was performed by Harris Poll over 2,000 US resident shows that by majority, Americans are still not aware of the connection between their 2014 taxes and their health care status.
As per the Affordable Care Act, 2015 is the first year that US residents are required to show proof of qualifying coverage when filing their taxes and if they fail to do so, they will face tax penalties. Although many uninsured adults within the US (about 62%), know that those without coverage will pay penalties according to Obamacare Taxes, 87% of this same demographic do not know that the deadline for avoiding this tax penalty passed some time ago. Any coverage secured during the current enrollment period, which ends in February of 2015, will only be applicable for tax returns filed in April 2016.
Most people who lack health coverage (56%), also don’t know that uninsured people who meet this criteria could be qualified for an exemption from the penalty that Obamacare Taxes entails.
Almost half of US residents (45%) do not know about the premium tax credits that help make coverage less costly for families that are at low to moderate income levels.
Sacha Adam, the product leader for TurboTax 2014 says that these figures show that people are still not aware of the full implications of Obamacare taxes. According to Adam, TurboTax 2014 is committed to bridging this gap by supplying people with a number of free resources that are easy to use and that help them to learn more about thee connection between their health care choices and their taxes.
One major offering from TurboTax 2014 that is designed to assist taxpayers with Obamacare Taxes is a free resource that can be found at TurboTaxHealth,com. This can be used to determine whether or not people are eligible to receive low-cost coverage and to learn what penalty must be paid if coverage has yet to be secured. The TurboTax Exemption Check is also here, which allows people who do not have coverage to quickly determine whether or not they are exempt from the ACA penalty and then people can then apply for this exemption.