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. Here’s a breakdown of everything we know about Obamacare Penalty Exemptions.
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 … Read the rest