March 14, 2016

Gather these items related to your health insurance, medical bills and more for a smooth tax season.


Tax time can seem a little taxing when it comes to keeping all the forms straight. Healthcare laws have brought changes for 2015 tax year filing. Plus, it’s important to know what documents to provide your CPA or what you need handy if using online tax prep software. We’ve made a list of items to gather for smooth filing.


Health coverage documentation

This year, because of new healthcare laws, you’ll receive one or more Health Care Information Forms that provide data about the healthcare coverage you had or were offered in 2015.

If you bought coverage on The Health Insurance Marketplace, you will receive Form 1095-A. Insurance companies outside the marketplace and government agencies like Medicare and CHIP will send out Form 1095-B. And if you receive health insurance from your employer, your employer will send out Form 1095-C.

According to the IRS, you do not need to wait to receive forms 1095-B or 1095-C to file your return, but if you are expecting a 1095-A, you should wait to file until you have received it.


Itemized deductions

If you itemize your deductions on 1040, Schedule A, you may be eligible to claim deductions for medical expenses not covered by health insurance.

If your total unreimbursed medical expenses (for yourself, a spouse and/or a child) exceed 10 percent of your adjusted gross income (or 7.5 percent if you are 65 or older), you are eligible to claim deductions.

The list of what can and cannot be deducted is extensive, but IRS Pub 502 includes all the specifics in alphabetical order. Be sure to check it out so you don’t forget something.

For a list of what you spent on your prescriptions, call your pharmacist for a printout. And to help organize copays and other bills, log on to your account with your health insurance provider. But don’t forget about those payments you made to care providers who might not take insurance or whom you may have made payments to out of pocket — like acupuncturists.