In comparison to 2014, the tax penalty for not carrying health insurance will be higher. For 2015 It will be roughly 2 % of your income or $ 325 per adult and $ 162.50 per child, whichever figure is higher. For an entire family it can be up to $ 975 or roughly 2% of the family's total income, depending on the amount of income along with the risk of not carrying health insurance. In 2016 this penalty will even double. For more info read.

In the next few weeks Californians who enrolled in Covered CA in 2014 will receive a 1095-A tax form, also known as the Health Insurance Marketplace Statement.It is handled like W-2 and 1099 tax forms, which report various types of income. The 1095 tax form-A will give you information about your health insurance coverage from Covered California. It will list your basic personal information, the health insurance start and end dates and the information of your insurance company.

The Part 3 list by month details of the payments you contributed and the subsidy you received. When preparing your taxes for 2014, your tax specialist will use the information of the 1095-A form to prepare the tax form 8962 (the premium tax credit form) in which the tax credits are reported to the IRS.I encourage you to consult with a tax accountant specialist who will help you navigate through the new tax forms.  

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