2014 Tax returns and the Individual Mandate Tax

By now, every citizen in America should know about the individual mandate. Perhaps you have heard of it in passing, or you heard it from a friend or an insurance broker, and now is the time it comes into effect. Right now we are in tax season, and the 2014 tax returns are in full swing. We have been asked, by several clients and friends, how to make sure the IRS knows you had insurance for 2014, thus dodging the penalty. Here are those answers:

Check the box, please!

The IRS website came in handy for this one, and they let us know that for more than 75% of all taxpayers, all they will need to do is check a box on their tax return to prove they had insurance. I am sure some of you have already said, “Hurray!”. Having a simple way to prove you are insured makes taxes that much better. However, for the minority of taxpayers that aren’t given the box or have to do more, they can visit the IRS.gov/aca page that has information in regards to the individual mandate.

Also, as a friendly reminder, you have until Wednesday, April 15th of 2015, to file your 2014 tax returns!

Thank you for reading, and having a great day!

Additional Disclaimer – Although I am an Insurance broker and a professional in the field, the Health Care laws are ever changing, especially in the age of the Affordable Health Care Act, and the laws, information, opinions, or understandings that I have wrote about may be obsolete by the time you come across them and I take no legal responsibility for what actions you may or may not take because of it. To keep yourself safe, please seek updated professional advice, because changes are happening and I would like to keep everyone safe from any misleading or dead information. Please check out the “Terms and Conditions” page for more information and/or bookmark my blog for upcoming changes and updates to the ACA. Thank you for reading, and have a great day!