New forms to file this tax season

Tax season starts at midnight and there are new tax forms to fill out on health insurance coverage.

One of the most important forms is called 1095a. People who have insurance through Your Health Idaho have to fill out the form. You will get one in the mail, but be sure not to throw it out becausewithout it, you won’t be able to file a return.

For the first time you’ll have to state on your taxes whether you have health insurance through an employer, one of the exchanges or purchased it privately. If you didn’t, you could face a penalty. Tax Preparer Henry Houser at Liberty Tax said 2014 penalties could range from $95 per person to a $285 maximum fine for a family or a 1 percent penalty of your taxable income. The penalties will increase the next two years. Houser said there are some exemptions.

“There are a few exemptions, one of them being if your income is below the poverty level or if you have been incarcerated for part of the year. Other exemptions are if you started the insurance subsidy early last year, but weren’t covered in the last three months,” he said.

Houser also said if you’re filing for an exemption you’ll need form 8965. If you received a premium tax credit or might be entitled to one, file form 8962. It is also important to remember how this changes the tax filing requirements for an individual.

“Prior to this if an individual has less than $10,000 of income or a couple was less than about $20,000 they were not required to file taxes. However, this year if you are eligible for the premium tax credit and you have gone through the marketplace and have received insurance you must file a tax return,” Houser said.

Houser also said the change could reduce your tax refund or increase the amount of taxes you have to pay.

If you have had health coverage all year,all you have to do is a check a box on form 1040.