First Time To See Health Insurance Plenalties On Tax Returns

One Month Until Tax Returns Are Due

Today is the first day you can electronically file your tax returns.

If you did not have health insurance in 2014 for the first time ever you will see a penalty for that on your tax return.

On January 1st 2014 the mandate to have health insurance kicked in as part of the Affordable Care Act.

If you did not have the minimum essential coverage for you and your family you will see an additional tax on your return.

Certified Public Accountant Chris Porter said if you remain without insurance in 2015 you will see a bigger penalty on your next return.

Porter said even though today is the first day you can electronically file it’s not smart for most people to file this early.

“the most obvious reason being that W-2’s are due by the end of January so a lot of us haven’t even received W-2’s from our employers so although some people might be anxious to file early to get a refund earlier you do need to wait until all your tax documents come in to make sure that filing has been done accurately,” said Porter.

He also said this is a popular time for scammers to try and take advantage of people.

Porter said there are a lot of phone scams with people claiming to be the IRS.

He said the IRS will never call you unless you have previously arranged a phone call with them.

They will most likely always contact you through the mail.