If you’re covered under your parent’s health insurance plan, you won’t face tax penalties when filing your 2014 Taxes
If you’re in your early twenties and recently entered the “real world”, you know first hand how overwhelming it can be.
Not only do you feel the pressure to succeed in your first job, but you’ve also been slammed with bills you’ve never seen before. From paying student loans to coughing up rent and everything in between, you’ve got a lot on your plate.
Thanks to the Affordable Care Act aka Obamacare, paying for health insurance isn’t yet on your list of concerns. Keep in mind however, you’ll need to report your insurance coverage on your 2014 Tax Return. RapidTax is here to help!
Who is Eligible for Coverage under Parent’s Plan?
You may be unsure if you qualify to be covered under your parent’s health insurance plan. Here’s what you should know:
- you can stay on your parent’s health insurance policy until you turn 26 years old
- if you don’t have insurance, you’ll have to pay a fee for being uninsured when filing your taxes Continue reading “How To Report Insurance If Covered Under Parent’s Plan”