Most Americans are required to have health insurance under the Affordable Care Act and those that do not have health insurance could face a 2016 tax penalty when they file their 2016 taxes in 2017. If you are uninsured you do have the opportunity to purchase health insurance in the Health Insurance Marketplace during the open enrollment period starting November 1, 2015 through January 31, 2016.
If you remain uninsured and you are not exempt from purchasing health insurance, TurboTax will help you estimate how much your tax penalty will be, based on your family size and income, with our handy health care penalty calculator. About 40% of uninsured Americans may qualify for an exemption from the tax penalty on their 2015 taxes so be sure to also check out the IRS free online tool to find out if you’re eligible for an exemption.
