Friday, January 27, 2017

obamacare health insurance

obamacare health insurance

who qualifies for an affordable care act exemption? the affordable care act requires most americans to have health insurance or pay a tax penalty. but, who qualifies for an exemption? members of certain religious groups opposed to insurance, federally recognized indian tribes, health care sharing ministries and those currently incarcerated are exempt, but you may also be exempt from the tax penalty if you're experiencing financial or life hardships. for example, you may be exempt if the lowest insurance premium available to you is more than eight percent of your household income, or if you're facing foreclosure, filing bankruptcy,

or your property was significantly damaged in a disaster. other situations may qualify you for an exemption, as well. you're automatically exempt if you don't have to file a federal income tax return because your income is too low. depending on the reason, you may claim your exemption in one of two ways: either apply for a certificate of exemption from the marketplace or simply claim the exemption on your tax return at the end of the year. most exemptions must be applied for through the marketplace. but, if you're applying based on coverage affordability,

membership in a health care sharing ministry, federally-recognized indian tribe or incarceration, you may claim the exemption on your federal tax return. still have questions about who qualifies for an affordable care act exemption? visit turbotax.com to learn more about the affordable care act and how it may affect your taxes.

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