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You can make HSA contributions in 2021 if you have an HSA-eligible health insurance policy with a deductible of at least $1,400 for single coverage or $2,800 for family coverage.
If you find that you do need to file a tax return this year, you can free file through the IRS at IRS.gov/FreeFile if your 2023 adjusted gross income was below $79,000.
If individuals have a gross income below the tax return filing threshold for a certain year, they are automatically exempt from the shared responsibility provision for that year. [ 13 ] Most exemptions are claimed using Form 8965, Health Coverage Exemptions [ 14 ] , when a tax return is filed.
Three forms: 1095-A, 1095-B, 1095-C will be issued, respectively, by a health exchange, insurance company or an employer to taxpayers. The taxpayer will rely on these forms for proof satisfying the individual mandate. [16] For the tax year 2014 only Form 1095-A provided by a health insurance exchange is required by the IRS. [17]
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The so-called golden years can be financially challenging, but state and federal tax breaks can provide some silver linings. Find out what's available. 20 Valuable Tax Breaks for Seniors