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Old 04-01-2018, 07:29 PM
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Tax penalty for not having health insurance

When a person is only insured for part of the year is the penalty prorated? On what IRS form do you do the calculation and report the penalty? I heard that the IRS will not question the return if 1040 line 61 does not indicate full year coverage and will not collect the fine. Is this true?



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Old 04-02-2018, 09:56 AM
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When a person is only insured for part of the year is the penalty prorated? =========>correct; unless you have minimum essential coverage and you qualify for an exemption are still required to pay a tax penalty; In general, a gap in coverage that lasts less than three months qualifies as a short coverage gap. If you have more than one short coverage gap during a year, the short coverage gap exemption only applies to the first gap.If you have a coverage gap of 3 months or more, you are not exempt for any of those months


On what IRS form do you do the calculation and report the penalty?=========>> you need a form 1095A and need to use info from the form to determine I f you owe any ACA penalty to IRS; you may follow instructions given on this website here; Calculate Your 2017 Obamacare Penalty | Obamacare Fine Calculator


I heard that the IRS will not question the return if 1040 line 61 does not indicate full year coverage and will not collect the fine. Is this true?=====>
If you had qualifying health care coverage for all 12 months, you may just check the ?full year coverage? box on your 1040 and leave the entry space blank. That?s it!as said If you can?t check the box on this
line, you must generally either claim a
coverage exemption on Form 8965 or
report a shared responsibility payment
on line 61 for each month that you, your
spouse ,if filing jointly, or someone
you can or do claim as a dependent
didn?t have coverage



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