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Do I Need To File a 2014 Tax Return?

Learn if you’re required to file a 2014 Tax Return…

With RapidTax, you have until October 15, 2015 to e-file your 2014 Tax Return.

However, you may be unsure whether or not you need to go to the effort of filing a 2014 Tax Return. You should first know that the requirement to file a federal tax return depends on your;

  • filing status
  • age
  • income
  • dependency status
  • other unique circumstances

Does Your Income Require Your To File a 2014 Tax Return?

If you’re under 65 and you earned the following income (or more), you’re required to file a 2014 Tax Return;

  • Single: $10,150
  • Head of Household: $13,050
  • Married Filing Jointly: $20,300
  • Married Filing Separately: $3,950
  • Qualifying Widow(er): $16,350

If you are 65 or older and you earned the following income (or more), you’re required to file a 2014 Tax Return:

  • Single: $11,700
  • Head of Household: $14,600
  • Married Filing Jointly: $21,500
  • Married Filing Separately: $3,950
  • Qualifying Widow(er): $17,550

If you are being claimed as a dependent and you earned more than $6,100 in 2014, then you’ll need to file a tax return. Continue reading “Do I Need To File a 2014 Tax Return?”

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I Don’t Have Health Insurance- What Happens When I File Taxes?

If you don’t have insurance you’ll face penalties under ACA when filing your 2014 Taxes.

Obamacare aka The Affordable Care Act requires you and each member of your family to have basic health coverage. This insurance coverage can be through any of the following;

  1. employer-sponsored plan
  2. private health insurance company
  3. government program (ie. Medicare or Medicaid)
  4. federal or state marketplace (health insurance exchange)

If you don’t have health insurance under one of the four sources mentioned above, you’ll be forced to pay a fee when filing your taxes in 2015. The only way to get around this fee is if you qualify as an exemption.

2014 Tax Return Coupon

You’ll be Forced to Pay a Penalty

If you’re not exempt from buying health insurance, you’ll be forced to pay a penalty when you file your 2014 Tax Return. This payment is called the Individual Shared Responsibility and will total the greater of;

  • $95/ per adult + $47.50 per child (up to $285 per family)

OR

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How do I Report Health Insurance Through My Employer on My Taxes?

If you received insurance coverage through your employer in 2014, it will be reported in Box 12 of your W-2 Form.

Obamacare – also known as the Affordable Care Act, or the ACA – is a law enacted to ensure that all Americans can afford health insurance. It also requires Americans to have qualified health insurance as of January 1, 2014 through one of the following forms of coverage;

  • employer-sponsored plan
  • private health insurance company
  • government program (ie. Medicare or Medicaid)
  • federal or state marketplace (health insurance exchange)

If you received health coverage through your employer, the insurance information that you’ll need to report on your 2014 taxes will be found on your W-2 Form.

If you didn’t receive insurance through your employer and instead were enrolled in the Marketplace during 2014, visit the RapidTax Blog post “ I’m Enrolled in Obamacare Marketplace- How Do I Report it On My Taxes?”.

Reporting Employer-Sponsored Health Coverage on 2014 Taxes

If you received insurance coverage through your employer in 2014, follow these steps;

1. By the end of January 2015, you’ll receive a Form W-2. You may also receive a 1095-C. Hold onto each of these.

2. Your employer is not required to send you Form 1095-C. If they do, you’ll notice your health insurance information listed. You may want to review this form. Next year, you’ll definitely receive one. Continue reading “How do I Report Health Insurance Through My Employer on My Taxes?”