Millions of Americans recently received IRS letters warning them about potential health insurance penalties, especially under the Affordable Care Act (ACA). If you get one of these notices, it’s crucial to act fast and understand…
Understanding Your Health Coverage Tax Forms Every tax season, millions of taxpayers receive at least one of the Affordable Care Act health insurance forms in the mail. But which one applies to you depends entirely…
Initially, the ACA’s individual shared responsibility provisions required most individuals to obtain “minimum essential health insurance” coverage for themselves, and any dependents, or pay a penalty. Through the tax year 2018, taxpayers were also required…
Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this…
Yes, the ACA’s individual mandate penalty is still in effect, and will continue to be in effect in 2018. If you’re uninsured in 2018 and not eligible for an exemption, you’ll owe a penalty when…
Which States Still Charge a Penalty? As of the most recent filing year, these states have their own individual mandate penalties: These penalties are collected through your state tax return, not the federal return. How…
The Internal Revenue Service (IRS) announced that they would start enforcing ObamaCare’s individual mandate with the 2018 tax filing season, the first time the agency has done so since the mandate took effect back in…
What You Must Know About Health Coverage Requirements For several years, many taxpayers feared the so-called “Obamacare penalty,” formally known as the Shared Responsibility Payment under the Affordable Care Act (ACA). The penalty applied to…