SORRY MR PRESIDENT! Obama care is still in full affect and the IRS is making sure that everyone remembers. This will be the first year your tax return can reject if no proof of health care acknowledge on your tax return. Yes i mean electronically, so be on the look out for your medical forms 1095a if your get one. You don’t want to have your return nor refund delayed due to health care. If you don’t have any you will still be subject to the penalty
For tax year 2017, the penalty is 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, up to a maximum of $2,085. That is a lot if you are expecting a refund of 2000 bucks there it goes to penalty y.
If you think you can get a exemption make sure you apply for one so you wont be charged. Listed below are some exemptions that may apply to you and your situation.
- The most affordable coverage costs more than 8.13% of your household income
- You were uninsured for less than three consecutive months of the year
- You are exempt from filing a tax return because your income is too low
- You are Native American or eligible for health services through an Indian Health Services provider
- Your religion objects to the use of insurance
- You’re in prison
- You belong to a health care sharing ministry
- You have been abroad for more than one year
- You qualify for a hardship exemption due to an issue such as homelessness, bankruptcy, eviction or similarly trying circumstances