Simplify Your Taxes and Insurance in One Place

Navigating taxes can be challenging, particularly when it comes to understanding the impact of insurance on your tax situation. Luckily, TurboTax streamlines the process, ensuring you maximize your insurance-related deductions and credits.

Whether you’re self-employed, planning for healthcare expenses, or managing insurance payments, TurboTax is here to support you every step of the way.

What You Need to Know About TurboTax and the Premium Tax Credit?

Here’s all you need to know about the Premium Tax Credit and how TurboTax can help you claim it with ease:​

1. Subsidies designed to lower the cost of health insurance for ACA Marketplace plans.
2. Eligibility is based on income, family size, and insurance costs.
3. Available for individuals and families with income between 100% and 400% of the federal poverty level.
4. Can reduce monthly premiums or boost your tax refund.
5. TurboTax automatically determines eligibility and applies the credit on your behalf.
6. Ensures precise reconciliation if you received advance payments of the credit

How TurboTax Helps with Insurance-Related Deductions?​

TurboTax streamlines the process of claiming insurance-related tax deductions by pinpointing eligible expenses, generating required forms, and ensuring precision to help you maximize your tax savings.​

1. Identifies deductible insurance premiums, such as health and long-term care.
2. Calculates self-employed health insurance deductions to maximize savings.
3. Tracks HSA contributions and ensures withdrawals remain tax-free.
4. Calculates medical expense deductions exceeding IRS thresholds.
5. Reconciles ACA premium tax credits for precise and accurate reporting.
6. Prepares essential forms, including Schedule A and Form 8962, with ease.

What are Health Savings Accounts (HSAs) and how do they affect my taxes?​

A Health Savings Account (HSA) is a tax-advantaged savings account created to help you cover qualified medical expenses. It provides multiple tax benefits that can lower your overall tax liability, including​

1. HSAs are tax-advantaged savings accounts designed for medical expenses.
2. Contributions are tax-deductible, reducing your taxable income.
3. Account earnings grow tax-free, maximizing your savings.
4. Withdrawals for qualified medical expenses are completely tax-free.
5. Unused funds roll over each year and stay with you, even if you change jobs.
6. After age 65, funds can be withdrawn for non-medical purposes (subject to taxes but no penalty).