Applying For Obamacare Exemptions

As a result, these customers are able to take advantage of certain exemptions offered by the IRS when they file their taxes.  However, many people claim the Obamacare exemption for other reasons, such as eviction or a death in the family.

The penalty for denying Obamacare coverage has increased from $95 to $325 for the 2015 tax year, which can also be calculated as an increase from one percent to two percent of income.  For anyone with unpaid penalties for 2015, the penalty increases to $695 (or 2.5 percent of income) for the next tax season for failing to have health coverage.

However, those who are imprisoned, are illegal immigrants, have low income, or have insurance through a religious ministry will qualify for an Obamacare exemption.

According to the IRS, there were more than 300,000 people last year who paid the penalty for not having insurance, but met the requirements for Obamacare exemptions.  For this reason, TurboTax recommends that customers determine beforehand if they quality for an Obamacare exemption when they file their taxes.

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