Many Are Unaware of ACA Penalties, Exemptions, and Tax Credits

Forty-eight percent of Americans don’t know that they have to report their health insurance status on their upcoming 2014 tax returns, according to the Intuit TurboTax Health Survey. Under the Affordable Care Act, 2015 will be the first year that Americans must prove they have qualifying insurance when filing 2014 taxes, or face a tax penalty. While 62% are aware that the uninsured will be required to pay a penalty, 87% do not realize that the deadline to avoid a tax penalty for 2014 has passed. Health insurance purchased during the current open enrollment period, which extends through Feb. 15, 2015, will apply to returns filed in April 2016.

Fifty-six percent of those without health insurance don’t know that uninsured individuals who meet certain criteria may qualify for an exemption from the Affordable Care Act tax penalty. Forty-five percent don’t know about the premium tax credits, which are designed to make health insurance less expensive for low-to-moderate income families. Free resources are available atTurboTaxHealth.com.

Last Updated 12/01/2021

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