A new survey reveals that almost half (48 percent) of Americans are
unaware they are required to report their health insurance status on
their upcoming 2014 tax returns. With the start of the tax-filing season
just weeks away, the Intuit (Nasdaq:INTU) TurboTax® Health Survey,
conducted online by Harris Poll among over 2,000 U.S. adults age 18+,
shows Americans are still largely unaware of the connection between
their health care and taxes.
Under the Affordable Care Act, 2015 will be the first year that
Americans must prove they have qualifying insurance when filing 2014
taxes, or face a tax penalty. While most uninsured Americans (62
percent) are aware that those without any health insurance will be
required to pay a penalty, 87 percent do not realize that the deadline
to avoid a tax penalty for 2014 has passed. Health insurance purchased
during the current open enrollment period, which extends through Feb.
15, 2015, will apply to returns filed in April 2016.
A majority of those without health insurance (56 percent) were also
unaware that uninsured individuals who meet certain criteria may qualify
for an exemption from the Affordable Care Act tax penalty.
Nearly half (45 percent) of Americans are not aware there are discounts
called premium tax credits designed to make health insurance less
expensive for low-to-moderate income families.
“These numbers indicate that even with open enrollment in full swing
many Americans still do not know the correlation between their health
care and taxes,” said Sacha Adam, the Affordable Care Act product leader
for TurboTax. “We are committed to bridging this gap by providing
taxpayers with free, easy-to-use tools and resources that help them
realize how their health care decisions affect their taxes and household
finances.”
To help Americans understand how the Affordable Care Act applies to
their individual situation, TurboTax, the nation’s leading online tax
preparation service, developed a free online resource at TurboTaxHealth.com.
With TurboTax Health, anyone can determine if they are eligible for a
low-cost health insurance plan and what the tax penalty would be if they
haven’t purchased insurance. Additionally, the website offers TurboTax
Exemption Check, a free online service that helps people without
insurance determine, in just a few minutes, if they qualify for an
exemption from the ACA penalty and then apply for that exemption.
Others key findings for the Intuit TurboTax® Health Survey:
-
Nine out of 10 Americans have health insurance. Those who live in
Southern states are less likely than all other regions to have health
insurance (85% insured in the South vs. 94% insured in the Northeast,
93% insured in the Midwest and 90% insured in the West).
-
Nearly three quarters (74 percent) of Americans who purchased a health
care plan through the Health Insurance Marketplace last year plan to
renew it for next year.
-
Those who purchased health insurance through the Marketplace during
first enrollment are significantly more likely to be aware of premium
tax credits than other insured groups.
-
Americans who are covered by their parents’ health insurance plan are
less likely to be aware of tax penalties (55%) than those who have
health insurance through an employer (70%).
The full report is available upon request.
Methodology
The surveys were conducted online within the United States by Harris
Poll on behalf of TurboTax from November 6-10 among 2,022 adults age 18
and older and November 13-17, 2014, among 2,014 adults ages 18 and
older. The online surveys are not based on a probability sample and
therefore no estimate of theoretical sampling error can be calculated.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
processing, personal
finance, and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2013. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India and
other locations. More information can be found at www.intuit.com.
About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples. With
comprehensive experience and precise technique in public opinion
polling, along with a proven track record of uncovering consumers’
motivations and behaviors, The Harris Poll has gained strong brand
recognition around the world. The Harris Poll offers a diverse portfolio
of proprietary client solutions to transform relevant insights into
actionable foresight for a wide range of industries including health
care, technology, public affairs, energy, telecommunications, financial
services, insurance, media, retail, restaurant, and consumer packaged
goods.
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