It's about time Super Bowl and the Oscars are not far behind, so maybe you do some paris in the office pool. (Of course, we would never approve illegal gambling!)
You know, get some skin in the game for a few dollars.
While winning a handful of money would be nice, hope you won 't mind losing a bit - it's all in good fun, right
When you start to complete your return income instead of football tickets, perhaps you find you have a little more to lose. (Specifically, from line 61 of your Form 1040).
One of the least aspects of the Affordable Care Act (ACA) understood is that if you can afford health insurance and you choose not not buy it, you will be subject to a penalty
ACA calls the requirement of individual responsibility. IRS refers to it as the payment or provision of individual shared responsibility.
No matter what you call, you will have to deal with it when you file your 2014 taxes.
"Many of the approximately 13% of Americans who were insured for a significant time in 2014 are in this boat," said Ivan Williams, Senior Policy Analyst at GetInsured. "And since this is the first time in history that you will be asked whether or not you have health insurance when filing your taxes, many people may be unprepared."
There are some good. news, although
First, the sanctions in this inaugural year of the law are relatively modest: You have to pay according to the highest value, or $ 95 per person Uninsured ( $ 47.50 for children under 18), 1% of your income above the tax threshold for reporting income :. $ 10.150 for an individual, $ 20,300 for married couples filing jointly
Keep in mind, however, that the penalty will increase each year, doubling to 2% in 2015.
They are certain circumstances that exempt you pay the penalty.
See if any of these 11 you describe. "If not," said Williams, "expect to pay the piper."
You are sufficiently insured
If you had insurance throughout 2014 which is considered a minimum essential coverage. - Employer of your own or your spouse, or through a market plan -. you are all set
you will see the box to check your tax return. Ditto if you are enrolled in Medicaid, Medicare or TriCare.
You have been insured for less than three months in 2014.
The penalty kicks if your period without insurance lasted longer than three months.
for example, you lost coverage by the employer, then got a new job where the coverage did not begin immediately.
you had a cover in place by 1 May 2014.
you were late to the game but managed to get coverage that began on or before May 1, 2014 ?
the good news is, you can request an exemption for the months you were insured until May. But do not rely on this exemption again next year.
You do not qualify for Medicaid only because your condition has not expanded Medicaid eligibility under the Affordable Care Act.
You 're exempt from filing taxes ...
If your income is low enough that you have to file a federal income tax return, the penalty does not apply to you.
you could not afford insurance.
If the cheapest insurance coverage available in your area would cost more than 8% of your income, you will not pay a penalty if you do not buy it.
you had difficulties.
If you have lived an important issue such as domestic violence, being evicted from your home, a fire or flood, or a death in your family- you may be exempt from the penalty disruptive life .
you were out of the country for most of the year.
If you are not physically present in the US for at least 330 days in a 12 month period, you are not subject to the penalty. Here is more information from the IRS.
You are a member of a federally recognized tribe level.
Or, if you are eligible for services through a health service provider Indians, or you are part of a recognized religious sect that has an objection based on faith insurance , social security and Medicare.
you were in prison.
Oh, we know you're a decent and law-abiding citizen, but just in case you had an error in judgment that put you behind bars in 2014, you are free, at least to pay a penalty.
you are a resident of the United States territories.
By law, you are seen as already having minimum essential coverage.
for most of these exemptions, you will need to complete IRS Form 8965, Health Coverage exemptions when you file your federal income taxes.
Keep in mind that you are filing taxes for 2014, even if you buy a health plan between now and the last day of open enrollment (February 15), it will not save you sorry for not. with last year cover
But since the price for not having health insurance does not go up, perhaps you will be less willing to give money -. or to play on your health next year
You have just one month left to register. Our bet? You will see the win-win to sign now and not lose later.
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