TaxACT’s Calculations, Guidance and Partnership With GetInsured Simplify Taxes and Health Insurance

CEDAR RAPIDS, IA–(Marketwired – Nov 25, 2014) –  TaxACT®, the critically acclaimed leader of affordable tax preparation solutions, empowers Americans to confidently navigate Affordable Care Act open enrollment and taxes.

TaxACT Free Edition and Deluxe are updated with the latest tax law changes and 2015 ACA calculations. After consumers answer simple questions about their 2014 taxes and health insurance, TaxACT generates a personalized HealthWatch report with calculations and information for marketplace applications, including:

  • A detailed breakdown of 2014 income for a more accurate estimate of 2015 income to help recipients of the Advanced Premium Tax Credit avoid a large bill on 2015 tax returns
  • Policy numbers for any current plans held by household members
  • Basic information for each household member

HealthWatch also includes exemption guidance and an estimated individual shared responsibility payment for all of 2015 based on 2014 household and income.

“TaxACT’s ACA calculations give an advantage to Americans applying for 2015 marketplace,” says TaxACT President JoAnn Kintzel. “Having those exact numbers means the Premium Tax Credit and subsidy amounts you receive for 2015 are less likely to impact your refund in 2016.”

Partnering with GetInsured to offer access to affordable insurance

TaxACT has renewed its partnership with GetInsured, a leading private health insurance exchange dedicated to helping individuals and families find the right plan at the best price.

GetInsured’s web-based tools and licensed experts are ready to help consumers who want coverage starting January 1, to apply by the December 15 deadline. Its Estimator Tool, available at HealthCareACT.com, calculates whether users qualify for the premium tax credit and subsidies to help pay for insurance or for government-sponsored plans such as Medicaid or CHIP.

HealthCareACT.com, powered by TaxACT, offers year-by-year guidance about the tax implications of the Affordable Care Act and an individual shared responsibility payment calculator.

No need to wait – know the impact of ACA changes on your next tax return now

Americans who received a Premium Tax Credit in advance during 2014 can know today how much their next tax refund or liability will be impacted. TaxACT reconciles income with the Advanced Premium Tax Credit based on answers to simple questions about income and marketplace insurance.

TaxACT also calculates the individual shared responsibility payment for being uninsured in 2014. The amount is based on how long each member of the household is uninsured and total household income.

About GetInsured

GetInsured is a leading online health insurance marketplace that combines modern technology and customer service capabilities to make health insurance shopping easy and efficient. Since its founding in 2005, GetInsured has helped millions of individuals and families find the right health insurance plan for their needs and budgets. GetInsured is approved by the federal government to enroll Americans in subsidized health insurance plans, and the company also provides state governments with technology solutions for the enablement of state-based health insurance exchanges. For more information, please visit www.getinsured.com.

About TaxACT

TaxACT is the critically acclaimed leader of affordable digital and download tax preparation solutions for individuals, business owners and tax professionals. TaxACT was the second-most visited online tax preparation destination for the 2013 tax season1. In the 2005 tax season, TaxACT became the first to offer free federal tax software and e-file to all U.S. taxpayers. Since 2000, TaxACT has assisted with nearly 53 million e-filed federal returns. TaxACT is a business of Blucora, Inc. (NASDAQ: BCOR). Learn more about TaxACT at www.taxact.com and www.taxact.com/press.

1 According to collective week end reports for taxact.com and taxactonline.com released by Hitwise™.