Are you still getting your taxes done ahead of the April 15 deadline? Don’t forget that your 2014 tax bill could be affected by your health insurance.
The federal health law requires that most people have health coverage. If you were insured through work, bought a plan on the new insurance marketplaces or enrolled in Medicare Part A, Medicaid or Tricare you likely met the requirement and can simply check that box off on your tax form.
If you didn’t have coverage or had it for only part of the year, you need to fill out Form 8965. That lets you claim an exemption or calculate your penalty. That penalty is $95 or 1 percent of your family’s income, whichever is greater.
The law allows some coverage exemptions, like if you didn’t make enough money to have to file a tax return or suffered a financial hardship. See page 2 of the instructions for Form 8965 for the full list.