Posted on | January 6, 2015 | Comments Off on TurboTax Survey Reveals That Most Americans Are Unaware Of The Tax Implications Of Obamacare
TurboTax: US Residents Aware Of The Tax Impact Of Obamacare
According to a recent survey, 48% of Americans are oblivious of the requirements for reporting their health insurance condition on tax returns they file for 2014.
Given that the 2014 tax-filing season is just weeks off, An Intuit Turbo-tax Health Survey that has been performed via the web on 2,000 adults by Harris Poll suggests that Americans remain incognizant of the relation between taxes and health care.
Under Obamacare or the Affordable Care Act, Americans must show that they are in possession of good insurance,according to the law, when filing their 2014 taxes or they will be penalized.
Although the majority of Americans without health insurance, 62 percent, understand that people without health coverage will have to pay a punishment, many are not aware of the reality that the deadline for avoiding this penalty has already passed. Any health coverage secured during the current enrollment period which runs through Feb. 15, will only be applicable for returns that are completed in 2016.
According to the TurboTax Affordable Care Act product leader, Sacha Adam, these numbers show that most US residents do not recognize the connection between taxes and health care even with open enrollment.
Other information that the survey has revealed:
9 in 10 Americans currently have insurance, but people who reside in Southern US states are far less likely to have this coverage than people in any other region.
Almost half of all US residents do not know that there are deductions known as premium taxation credits that are in place to make health ins coverage less costly for families with low to medium income.
Almost 3-quarters of all US residents who bought health coverage from the ‘Health Insurance Marketplace’ intend to renew this same coverage in the year to come.
With extensive dealings in the San Diego area, TurboTax by Intuit Inc, has provided a free, web-based asset at TurboTaxHealth.com.