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IRS not enforcing Obamacare penalty anymore
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IRS not enforcing Obamacare penalty anymore
[UPDATED APRIL, 2017]
This statement (or question) is partly true. Please allow us to explain further for the benefit of everyone.
At the present time (April, 2017) the underlying statutory law of the
Affordable Care Act (a.k.a. Obamacare) providing tax penalties for not
having health insurance; the system of exemptions to not having health
insurance; and the tax credit system set up for purchasing health
insurance through an authorized marketplace state health care exchange,
all remain in place, and have not been repealed.
However, what has recently changed is an executive (i.e., Presidential) order directing the IRS to process individual income tax returns, where the heath insurance coverage box is left unchecked. This is different than the situation which existed prior to the order, and different than last year, where the IRS was sending such tax returns back to taxpayers as being "incomplete." You can read about the TurboTax interpretation of President Trump's executive order, and the penalties for not having health insurance for the 2016 tax year, both at the following (2) TurboTax webpages:
https://ttlc.intuit.com/questions/3662774
https://ttlc.intuit.com/questions/2581044
In addition, this area of the tax law is currently in a great deal of flux and uncertainty, so please keep monitoring the situation. It seems likely that there will be further significant changes to heath care and insurance, especially as it impacts the tax code and penalties / credits, going forward.
For the moment, the above information accurately describes the present state of the relevant tax law and rules (as of April, 2017).
Thank you for the opportunity to present this information.- Mark as New
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IRS not enforcing Obamacare penalty anymore
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The only slight change is that for 2017 tax returns, the IRS says they will NOT accept an e-filed tax return (and mailed returns will be held) unless you indicate if you have health insurance or not.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals">https://www.irs....>
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IRS not enforcing Obamacare penalty anymore
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IRS not enforcing Obamacare penalty anymore
[UPDATED APRIL, 2017]
This statement (or question) is partly true. Please allow us to explain further for the benefit of everyone.
At the present time (April, 2017) the underlying statutory law of the
Affordable Care Act (a.k.a. Obamacare) providing tax penalties for not
having health insurance; the system of exemptions to not having health
insurance; and the tax credit system set up for purchasing health
insurance through an authorized marketplace state health care exchange,
all remain in place, and have not been repealed.
However, what has recently changed is an executive (i.e., Presidential) order directing the IRS to process individual income tax returns, where the heath insurance coverage box is left unchecked. This is different than the situation which existed prior to the order, and different than last year, where the IRS was sending such tax returns back to taxpayers as being "incomplete." You can read about the TurboTax interpretation of President Trump's executive order, and the penalties for not having health insurance for the 2016 tax year, both at the following (2) TurboTax webpages:
https://ttlc.intuit.com/questions/3662774
https://ttlc.intuit.com/questions/2581044
In addition, this area of the tax law is currently in a great deal of flux and uncertainty, so please keep monitoring the situation. It seems likely that there will be further significant changes to heath care and insurance, especially as it impacts the tax code and penalties / credits, going forward.
For the moment, the above information accurately describes the present state of the relevant tax law and rules (as of April, 2017).
Thank you for the opportunity to present this information.- Mark as New
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IRS not enforcing Obamacare penalty anymore
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IRS not enforcing Obamacare penalty anymore
<a rel="nofollow" target="_blank" href="https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals">https://www.irs....>
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IRS not enforcing Obamacare penalty anymore
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