If you do not have health insurance coverage or have a gap in coverage in 2014, you will have to either file for an exemption or pay an individual shared responsibility fee when you file your taxes in 2015.
According to the IRS, people who qualify for an Affordable Care Act tax exemption include those who:
- Do not have access to affordable coverage
- Have a gap of less than three consecutive months without coverage
- Qualify for one of several other exemptions, including having a hardship that prevents you from obtaining coverage, or belonging to a group explicitly exempt from the requirement
The IRS also created a specific hardship exemption for those who purchased insurance through the Marketplace during the initial enrollment period and experienced a gap in coverage in 2014 while waiting for their enrollment process to be completed.
To find out more on the Affordable Care Act tax exemptions, visit the IRS’ website.
Tax laws are continuously changing, so you may want to consider hiring a professional who can help you stay current on regulations and correctly manage your documents. If you’re having trouble keeping up, don’t hesitate to contact Nakata Consulting for help.
