With tax season quickly approaching, many Americans are scrambling to file their returns before deadline. But there is one part of the process that could remain overlooked by wide swaths of the population: the box requiring filers to indicate whether or not they have health insurance.
Although Americans were told they would face a tax penalty for lacking health insurance last year, 2015 will mark the first time that Americans need to disclose their health coverage status on income tax returns, and if uninsured, need to remit that money to the federal government.
But 53% of Americans remain unaware of this requirement, according to a poll commissioned by the Kaiser Family Foundation and CNBC. This number rises to 57% among respondents who are presently uninsured.
Moreover, approximately two in 10 respondents believe the regulation becomes mandatory next year, and 16% had no guess as to when it takes effect.
Even among those who have already filed their income tax returns, 24% failed to see "a place to indicate whether they had health insurance."
The government has tried to address this knowledge gap by offering a “grace period” for people who missed the February 15 deadline but wish to enroll in health coverage through the federal HealthCare.gov marketplace. This window for sign up will last until April 30, and will not be offered again next year.
Kaiser Family Foundation CEO and President Drew Altman told CNBC that "a solid majority" of respondents were supportive of a similar waiver next year.
The penalty for lacking coverage for 2014 is $95 per person or 1% of household income, whichever is greater.
