Would you like to get an exemption from having to purchase Obamacare? There are several exceptions from having to pay the tax penalty, and this one is called the affordable exemption. If your income qualifies, and you didn’t get health insurance for all or some of 2015 or 2016, check below to see if this applies to you….
Now here is the catch: You do have to jump thru some hoops in order to avoid paying the tax penalty. You will need to file IRS form 8965.You can see detailed information and download forms form link below. https://www.healthcare.gov/exemptions-tool/#/results/2015/details/marketplace-affordability If your family monthly health plan through the marketplace is/was more than 8.05 percent of your HOUSEHOLD income. Basically saying, if the payment is too high, then you can get an exception. This means you would NOT have to pay for the penalty. Which also means you can now choose an alternate plan, instead of “Obamacare”.
Example: If your family income is between $75,000 – $128,000: You may qualify for exemption based on the “affordability exemption”. If the lowest price marketplace plan (Bronze HMO Plan here is Ga.) is more than 8.05% of household income. You will need to review the plans in your state.
If you make over $150,000 a year: Pending the cost in your state, you might make too much money for an exemption. Your CPA could also advise you about salary restrictions and penalties.
Please feel free to contact me if you have any additional questions about Obamacare or the tax penalty .
Amy Kelley 770-527-5598 Amy@InsuranceNana.com