Tax Season’s Just Begun, But Only 10 Days Remain to Avoid Steeper Tax Penalties Next Year
H&R Block encourages taxpayers to enroll in health insurance by February 15 deadline
H&R Block (NYSE: HRB), the world’s largest consumer tax services provider, cautions taxpayers without health insurance that while tax season has just begun, they have only 10 days left to avoid steeper tax penalties in 2016 by enrolling in health insurance coverage before the February 15, 2015 deadline. Taxpayers can enroll in qualifying health insurance plans online at https://healthcare.hrblock.com or by calling 800-HRBLOCK to speak to a Licensed Health Care Advisor.
As they complete their 2014 tax return, taxpayers without insurance are learning that the penalty could be greater than the $95 that they may have anticipated. The penalty is $95 per adult or 1 percent of household income above the filing threshold, whichever is greater. Next year, taxpayers will be in for a greater shock, as penalties increase to $325 per adult or 2 percent of household income above the filing threshold, whichever is greater.
Aside from qualifying for an exemption, taxpayers can avoid tax penalties next year by enrolling in health insurance before the Marketplace’s deadline of Sunday, February 15. For the second year, H&R Block is offering nationwide health insurance enrollment services through its partnership with GoHealth. H&R Block’s enrollment services, free of charge, help consumers understand their options, apply for the Advance Premium Tax Credit and select and enroll in health insurance coverage.
“Millions of taxpayers are expected to pay a penalty this tax season for being without insurance during 2014,” said Mark Ciaramitaro, vice president of enrollment services at H&R Block. “For many of them, it will be the first time they learn exactly how much their penalty is – and that it will increase next year. Those who file their tax return before February 15 should take advantage of the opportunity to enroll in health insurance and avoid these steeper penalties.”
To enroll, individuals do not need to be current or previous H&R Block clients and do not need to provide tax information. To find out if they may be eligible for the Advance Premium Tax Credit, view health plan options and enroll, consumers can visit https://healthcare.hrblock.com, operated by GoHealth, or call 800-HRBLOCK, to be connected to a Licensed Health Care Advisor.
About H&R Block
H&R Block, Inc. (NYSE: HRB) is the world’s largest consumer tax services provider. More than 650 million tax returns have been prepared worldwide by and through H&R Block since 1955. In fiscal 2014, H&R Block had annual revenues over $3.0 billion with 24.2 million tax returns prepared worldwide. Tax return preparation services are provided in approximately 12,000 company-owned and franchise retail tax offices worldwide by professional tax preparers, and through H&R Block Tax Software products. H&R Block Bank provides affordable financial services products. For more information, visit the H&R Block Newsroom at http://newsroom.hrblock.com/.
Open enrollment for health insurance starts November 1.Taxpayers can avoid tax penalties in 2019 by obtaining health insurance for 2018.