2014 is the first year that people in the United States may have to pay a penalty if they are not of sufficient health insurance under the affordable care Act.
If you have a minimum essential coverage through your employer or that you purchased on your own or through market your state, you probably do not need to worry about this penalty.
If you are not insured for three or more consecutive months in 2014, however, it is important to know how much worth of health insurance, also known as the payment of individual responsibility, is, and if you may qualify for an exemption
the worst scenario :. you must pay the penalty
If you do not have minimum essential coverage in 2014, and you are not eligible for any of the exceptions to a penalty, you may have to pay a penalty when you file your tax return on income due to 15 April 2015.
the amount you owe will be calculated on your return. If you receive a federal refund, the penalty will reduce the amount of your refund.
If you do not receive a refund, or if the amount of your refund is less than the pain, you may owe the IRS money.
the maximum penalty for 2014 is the largest of the following amounts:
- 1% of your household income in 2014, or
- $ 95 uninsured adults, plus $ 47.50 for every uninsured child under 18, or up to $ 285 per family.
If you do not pay the penalty, the IRS will keep your costs future tax refunds.
Do you qualify for an exemption
you may not have to pay the penalty if one of the following situations you:
- you are without insurance for less than three months of the year. This rule explains the rush to March 31 to obtain insurance coverage.
- The best available coverage cost more than 8% of your household income.
- Your income is below certain limits ie, you are not required to file a tax return because your income is too low.
- you are a member of a federally recognized tribe or level you are eligible for medical services through an Indian Health Service Provider.
- you belong to a recognized division of the Ministry of Health, whose members pooled their funds and pay major medical expense of the other.
- You belong to a religious sect known as the objects for insurance.
- You are detained or imprisoned.
- You are not legally in the US
- You are entitled to a "free of difficulties."
What is ? hardship exemption
If you have experienced the following, you may be eligible for exemption from difficulties:
- roaming
- Eviction or threatened with eviction or foreclosure during the last six months
- stop notice of a public service company
- domestic violence
- Death of a close member family
- fire, flood or other disaster that has significantly damaged your property
- bankruptcy in the past six months
- medical expenses resulting from the substantial debt over the last 24 months
- unexpected increases in necessary expenses because you take care of, disabled or aging family member sick
you also qualify a hardship exemption if your coverage or coverage of dependents slips through the cracks somehow.
For example, if your state does not expand Medicaid eligibility and therefore we could not get coverage, or a child has been denied coverage in Medicaid and CHIP and someone another has to provide medical coverage for the child.
you may also be able to request a hardship exemption if your plan was canceled and you believe that market plans are unaffordable, or if you experience other difficulties in getting the Health Insurance.
How do I apply for an exemption?
In some cases, you must not do anything to get an exemption from paying the penalty.
This is the case if you are not required to file a tax return because your income is too low, if you are uninsured for less than three months, or if you are not legally in the US
If you qualify for an exemption based on membership of a religious sect, because you are receiving services through a health care provider of the Indians, or on the basis of a hardship exemption, you must request the exemption.
you can get the exemption application on Healthcare.gov found here, but you must send to your market.
exemptions will be given on a monthly basis per month. If the exemption is granted, you will receive exemption certificate number , or ECN, you report on your tax return.
markets are accepting applications for exemption now so apply today!
should be taken one to two weeks to process applications, but it could take much longer if your application is incomplete if you do not submit all the necessary documents, or your situation requires special consideration.
Bottom line is that you must now request a waiver so that you delay your tax return filing and federal reimbursement.
If coverage is unaffordable, you belong to a division of the ministry of health, you are a member of a federally recognized tribe, or you are incarcerated, you have two options :. you can now apply for an exemption, or you can simply ask for exemptions when filing your federal income tax return in 2014
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