Were you uninsured in 2018?

If you didn’t have health insurance in 2018, don’t automatically pay the tax penalty – you may be exempt.

One of the sweeping tax law changes passed in December 2017 dealt with the Shared Responsibility Penalty. Taxpayers without health insurance have been required to pay the tax penalty since the Affordable Care Act went into effect. The penalty for 2018 will be the greater of the flat dollar penalty of $695 per person, with a maximum $2,085 or 2.5% of household income in excess of the filing requirement. However, 2018 is the last year they will face paying the tax penalty.

Are you, or someone you know, eligible for an exemption from paying the tax penalty?

There are many hardships or situations that can qualify uninsured taxpayers for an exemption. High interest expenses on debt, unpaid medical bills, utility shut off notices and personal financial hardships are just a few.

Under a new IRS rule entitled “General Hardship, Code G,” many exemptions are allowed without providing additional proof of hardship to the IRS.

Our professional tax preparers can help you get the tax penalty for being uninsured eliminated on your tax return by completing the Fiscal Tax Uninsured Penalty Tax Exemption WS form.

Did you pay the Shared Responsibility Penalty for not being insured in 2018?

Whether we prepared your 2018 tax return or not, our tax professionals can review it to see if you may qualify for an exemption. If so, we can file an amended return so you get the penalty refunded from the IRS. Just call (317) 897-9964 to make an appointment or get more information.