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sd7
New Member

I was unemployed for 11 mnths in 2018 and took early IRA withdrawls. Can I count the amount paid for a healthcare sharing ministry as insurance premiums to limit penalty?

 
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1 Reply
MichaelMc
New Member

I was unemployed for 11 mnths in 2018 and took early IRA withdrawls. Can I count the amount paid for a healthcare sharing ministry as insurance premiums to limit penalty?

You most likely do not have to worry about the penalty. An exemption exists for members of a bona fide health care sharing ministry.

What you need to know
  • A health care sharing ministry is a tax-exempt organization whose members:
    • Share a common set of ethical or religious beliefs, AND
    • Share medical expenses in accordance with those beliefs, even after a member develops a medical condition
  • The health care sharing ministry must have been in existence and sharing medical expenses continuously since December 31, 1999.
Do this first How to claim this exemption
  • You claim this exemption when you file your federal income taxes. Most people file their taxes in April of the following year.
  • On Form 8965, enter code "D" in Part III, column (c). Identify the months this exemption applies or select (d) for the full year.
  • Include Form 8965 when you file your tax return.

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