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How to qualify for an exemption for the Affordable Care Act (individual shared responsibility TAX)
If you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (The fee is sometimes called the "penalty," "fine," or "individual mandate.")
* You owe the fee for any month you, your spouse, or your tax dependents don’t have health insurance that qualifies as minimum essential coverage.
* You pay the fee when you file your federal tax return for the year you don’t have coverage.
* In some cases, you may qualify for a health coverage exemption from the requirement to have insurance. If you qualify, you won’t have to pay the fee. The fee for not having health insurance in 2016*
The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.
Percentage of income
* 2.5% of household income
* Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace
* $695 per adult
* $347.50 per child under 18
* Maximum: $2,085How to get an Exemption
Read this book!
ACA EXEMPTION BIBLE 2nd Edition: Affordable Care Act/ObamaCare Exemptions
by Michael Bark
New for 2016 - ACA Exemption Bible exhaustively lists all known exemptions from ACA also known as Affordable Care Act or ObamaCare. Some deductions can be claimed without any documentation.
• Includes information on hardship exemptions.
• Includes information on religious exemptions.
• Includes links to all exemption forms needed.