Tax Center Updates for 2014 Tax Filing

The filing deadline is April 15, 2015.

Income Limits for The Benefit Bank

The Benefit Bank income limits have stayed the same as last year. Joint tax filers must have adjusted gross income (AGI) less than or equal to $95,000. All other tax filers must have adjusted gross income (AGI) less than or equal to $65,000.

Same-Sex Married Couples

As was the case in 2013, same-sex married couples will be able to use The Benefit Bank to file a joint federal tax return. Please refer to your state for information about filing a state return if you are in a same-sex marriage.

Federal Tax Updates

The following summarizes the various changes that will be made to the Federal Tax program in The Benefit Bank due to updates to the tax law and new additions programmed into the service:

Personal Exemption Increased To:

  • $3,950 deduction for each person in the tax household

Standard deduction amounts increased to the figures listed below.

  • Single or Married Filing Separately = $6,200
  • Married Filing Jointly or Qualifying Widower = $12,400
  • Head of Household = $9,100
  • Additional amounts for taxpayers who are blind OR age 65 or older are calculated based on a worksheet found in the 1040 instructions.

Premium Tax Credit

Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. If you purchased insurance through the Marketplace and chose to take advanced payments, then The Benefit Bank will make the calculations necessary to reconcile the amount of advanced payments you received with your actual premium tax credit eligibility on your tax return. If you did not receive advanced payments, then The Benefit Bank will calculate your premium tax credit amount on your tax return.

Health care individual responsibility payment:

Under the Affordable Care Act, you are required to have health insurance that qualifies as “minimum essential coverage” for the year. You are responsible for reporting health coverage status for you and your dependents to the IRS. If you or any of your dependents do not have minimum essential coverage (and do not qualify for an exemption), then you are responsible for paying an individual responsibility payment, which The Benefit Bank will calculate on your tax return.

The Benefit Bank will also ask you about any exemptions that you may have from owing the individual responsibility payment and will report this on the associated form.