It’s that time of the year: Healthcare renewal time. Whether you are insured with Market Place (Obamacare), through your work, or other ways, having insurance is an important decision that requires you to make the most informed decisions possible for your healthcare options.

Not being informed about these types of healthcare decisions had me worried by the time tax season arrived. I was worried that having a life changing event, like getting married, was going to affect our taxes.

I was worried that taxes this year was going to be more difficult for me to personally handle and it was going to cost us more. I know that I needed to show proof of insurance under Affordable Healthcare Act. I was just so worried and concern of the tax process I was so used to doing over the years was going to get complicated. I wasn't sure of how to proceed, nor did I understand the process.

To my surprise, TurboTax was there and available with information to make my healthcare and taxes easy to understand.

What You Need to Know About Healthcare and Taxes

This year, it will be the second year that taxpayers will be reporting their health insurance status on tax returns. For me, this was one of my worries. Was I going to do this right? Thankfully, TurboTax will make this process of reporting their health insurance this year as easy as checking a box for nearly 80% of taxpayers.

Thanks to my experience with using TurboTax, I am familiar with this simple process and know what to expect with TurboTax. When updating my life event, it was as simple as a click.  A few prompted questions, and that was all  I needed to process my taxes.

What you need to know as a taxpayer who has insurance through an employer, government program such as Medicare or Medicaid, or other private insurance is that you will receive a 1095-B or C form. Below is a brief summary of these forms.

1095A

People who purchased a health insurance plan on healthcare.gov (or their state health insurance marketplace) will once again and receive Form 1095-A, which confirms their coverage, premiums, and any subsidies they received to help pay for health insurance.

Entering 1095-A form in TurboTax is very simple. It is as simple as entering a W-2 where all you do is enter the information that TurboTax prompts and it will do the rest. You also have the option to upload this information with a PDF upload.

1095B/C

People who have insurance through an employer, government program, such as Medicare or Medicaid (outside of the Marketplace), or other private insurance, will receive a tax form from their employer or insurance provider (1095-B or C) confirming their coverage.

According to the IRS, you don’t need to wait for these forms to file your taxes. You will simply review the forms for accuracy and keep them for your records.

**Update – The most recent IRS update indicates that not everyone will receive a 1095-B or C!

TurboTax Tools and Resources

This is what made my experience with TurboTax simple, by providing free tools and resources to help you understand healthcare and your taxes. These amazing tools help you understand how ACA will affect your taxes.

Another great way to understand healthcare and taxes are TurboTax’s free suite of tools that helps you understand how ACA will affect taxes. What you also need to know is that these tools and information are free.

Below are some of the resources and tools TurboTax provides:

• Open Enrollment Video
• Income Estimator Video
• 1095 Forms Video
• Income Estimator Tool
• Subsidy Calculator Tool
• Penalty Calculator Tool

When it comes to healthcare and taxes, TurboTax has continued to show why our family continues to use it. Not only does it make it straightforward when it comes to health insurance, you can easily do it on your Smartphone or tablet.

A life-changing event, like getting married, and worrying about healthcare will affect us comes tax time. TurboTax made it so easy for me to understand and make my tax season less stressful.

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.