This post was written by Lisa Greene-Lewis, CPA, TurboTax Blog Editor.
At TurboTax we work each day to make the complex simple so people can navigate their finances on their own. We pride ourselves on offering a user-friendly experience to walk people through an easy tax filing process. And, with the second open enrollment period (OE2) which runs until February 15, 2015, overlapping with the tax filing season, TurboTax is excited to highlight the role that TurboTax Health can play to help even more consumers #GetCovered and #StayCovered. We know tax laws inside and out so you don’t have to, and with our continued commitment to help taxpayers, we’re here to help Americans understand how the requirement to have health insurance impacts their finances and taxes now that health insurance and taxes are more closely connected than ever.
Here’s How TurboTax Can Help
Come tax time, TurboTax will be helping those who remain uninsured in two major ways: 1) we will help them understand how the fine for not having coverage may apply to them and see if they can qualify for an exemption after answering a few questions; and 2) help those filing taxes during the last two weeks of OE2 connect to coverage to avoid an increasing fine in future years.
Overlap Between OE2 & Tax Time
Tax filing is a great way to connect more consumers to coverage because people who are filing taxes already have much of the information needed to apply for health coverage, such as household income, on hand. Furthermore, many taxpayers can take advantage of significant refunds to help purchase new coverage.
And of course, we will also be helping current marketplace enrollees understand how to report the financial help they received to help purchase coverage last year and in turn see if they may receive an adjustment to the tax credit received (You can read more from Enroll America here about how this process will work).
We also know that additional local in-person assistance can play a key role, and that’s why we’re glad to work with partners like Enroll America to make it easier to connect people to free local help through the Get Covered Connector.
Our goal is to put consumers at ease so they know that getting covered and filing taxes can be simple and straightforward. We know that people lead busy lives and want to give them the peace of mind that comes with getting comprehensive health coverage and easily and accurately completing their tax return that guarantees a maximum refund. We are eager to best serve taxpayers on health care matters that can be addressed during the upcoming tax-filing season.
Update, January 26, 2015: Want to learn more about the connection between health coverage and taxes and hear about strategies to leverage partnerships with tax-focused groups? Check out the recording and slides from Enroll America and Intuit TurboTax’s webinar on Monday, January 26, 2015.