Health Insurance and Your Taxes

by on December 1st, 2014

For those that are filing taxes in 2014 you will likely see a new section that has been added to the tax form. This is because 2014 is the first year that the penalties for not having health insurance come into effect. Based on the drafts of the tax forms released by IRS, those that have health insurance through their employer or have purchased insurance through a private company will only need to check a box.

The tax filing process for those that purchased insurance through the Marketplace or for those that didn’t have any insurance or only partial insurance coverage through 2014 will be a  little more complicated. To help with those complications, the library is hosting the VITA program.

VITA, the Volunteer Income Tax Assistance program, is made up of volunteers from the Tippie College of Business Beta Alpha Psi chapter. These volunteers help low and moderate income taxpayers in the Johnson County area prepare and file their taxes.These volunteers will be available at certain times in the library beginning in January. For dates and times VITA is available, click here.

The library will also have a  variety of tax forms and instructions available for individuals as they are received from the IRS. Several forms and publications have yet to be finalized this year due to the Affordable Care Act and other tax reforms. This may mean some printed forms will not be made available until mid-February or later. The government is  also limiting the number of printed tax forms and instructions, for example Publication 17 (ALL tax instructions), which will only be available online.

For more information about the your taxes and the Affordable Care Act, visit:

ACA Tax Provisions FAQ

DRAFTS of 2014 tax forms

Healthcare Enrollment or Plan Information

 

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