Company Provides Insight into Marketplace Open Enrollment and Tax
Implications
TurboTax®, the nation’s
leading tax preparation service from Intuit Inc. (Nasdaq:INTU), is
offering a suite of free, online tools to assist taxpayers evaluating
their health insurance choices under the Affordable Care Act.
Designed to help make sure there are no surprises come tax time, these
free, easy-to-use tools give taxpayers more control and insight into
their health insurance and tax choices, so they can make the best
decisions for themselves and their families. They include:
-
TurboTax Income
Estimator: Helps those shopping for a Marketplace plan
estimate their household income for 2016. Household income determines
the amount of assistance a family may receive to help pay for health
insurance. This free online tool also helps people update their income
to avoid over- or underestimating their income, which can affect their
tax refund.
-
TurboTax
Penalty Calculator:
Calculates the potential penalty for being uninsured in 2016. The fee
for not having health coverage in 2015 increased to $325 per adult
($162.50 per child) or 2 percent of household taxable income,
whichever is greater; this will increase to the greater of $695 per
adult (347.50 per child) or 2.5 percent of income in 2016. TurboTax
predicts that the average penalty for 2015 will be between $421 and
$471 and will jump to an estimated average of $671 next year. This
tool helps people understand the potential consequences of not having
insurance and determine the best options for their family and finances.
-
TurboTax
Subsidy Calculator: Lets consumers know if they may be
eligible for premium tax credits through the Marketplace for 2016 and
estimates how much they could receive to help pay monthly health
insurance premiums.
Open Enrollment
This is the second year taxpayers must report their health insurance
status on their tax returns. Like last year, nearly 80 percent of
taxpayers will simply need to check a box in TurboTax to confirm they
have qualifying health coverage. They will not be required to file
additional forms.
Those who purchased a health insurance plan on healthcare.gov or a state
Marketplace will once again receive Form 1095-A, which confirms
coverage, premiums and any subsidies received to help pay for health
insurance. In TurboTax, entering 1095-A information is as simple as
entering a W-2.
Marketplace open enrollment for 2016 is now open and runs through Jan.
31, 2016. For coverage to take effect on Jan. 1 individuals must select
a plan by Dec. 15. For more information about open enrollment, the free
TurboTax tools and additional tax tips, visit the TurboTax
blog.
About Intuit
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®
and TurboTax®, which make it
easier to manage small businesses
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while 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
2015. The company has approximately 7,700 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.
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