Delay Of New Health Law Forms May Confuse Some Taxpayers

(By – Michelle Andrews, Kaiser Health News)

As the 2015 tax filing season gets underway, tax preparers said a delay in new health law tax forms is causing confusion for some consumers, while others want details about exemptions from increasingly stiff penalties for not having insurance.

Under the law, most people must have health insurance or pay a fine. In 2015, the penalty was $325 per adult and $162.50 per child up to $975, or 2 percent of household income, whichever is greater. This is the first year that employers, insurers and government programs such as Medicare and Medicaid are required to send consumers tax forms that report whether they offered or provided health insurance that was considered affordable and adequate under the law. The forms, 1095-B or 1095-C, are designed to help consumers in filling out their taxes but don’t need to be filed with their tax returns. The issuers also send copies to the Internal Revenue Service. Read more…

 

Kaiser Health News is a nonprofit national health policy news service that is part of the nonpartisan Henry J. Kaiser Family Foundation.

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