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Tax Tip: Affordable Care Act for Individuals

New IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption

IRS Health Care Tax Tip 2014-19, Sept. 23, 2014

You may read the full article HERE on Internal Revenue Service’s Website

irs-logoTaxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get an exemption, is available on IRS.gov/aca.

The Affordable Care Act calls for each individual to have qualifying health insurance coverage for each month of the year, have an exemption, or make an individual shared responsibility payment when filing his or her federal income tax return.

You may be exempt if you:

  • Have no affordable coverage options because the minimum amount you must pay for the annual premiums is more than eight percent of your household income,
  • Have a gap in coverage for less than three consecutive months,or
  • Qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage or belonging to a group explicitly exempt from the requirement.

You may read the rest of the article HERE on Internal Revenue Service’s Website

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