Because 2015 is the first year Californians will have to provide information about their health insurance on their tax returns, the U.S. Department of Health and Human Services released a fact sheet detailing what they'll need to know, officials announced.
In the coming weeks, the administration will continue to provide added resources to help consumers prepare for tax filing season, including online tools to help individuals connect with local tax preparation services and determine if they are eligible for an exemption, officials said.
More than three quarters of tax filers will just need to check a box on their tax return indicating they had health coverage for all of 2014, but there will be added steps for those who bought coverage through the Health Insurance Marketplaces, or decided not to enroll in coverage. Those who had basic health insurance in 2014 meeting the Minimum Essential Coverage requirement for the Affordable Care Act won't receive any new forms in the mail and won't have to fill out new forms when they file their 2014 income tax returns.
What consumers need to know:
When you file your tax return, you'll need to check a box indicating you and your family had health insurance for all of 2014. Types of coverage that meets the Affordable Care Act's standards include: Most job-based plans, including retiree plans and COBRA coverage; Medicare Part A or Part C; Medicaid; the Children's Health Insurance Program (CHIP); most individual health plans you bought ou...