From Lenny's Desk
The Sturbridge Taxman's Blog

Clues to help solve your financial and tax puzzles!

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Important information for those exempt from the Federal health insurance mandate

Categories Tax Tips (Fed)

Exemption Certificate Number Requirement Update

Generally, the HHS regulation sets up several penalty exemptions for not having health insurance. Some people will be applying for exemptions through the Marketplace while others are claimed on the tax return. The religious objection exemption and 14 categories of the general hardship exemptions must be claimed through the Marketplace. Only five specific hardship exemptions are claimed on the tax return.

It’s important to know that a taxpayer can claim an exemption within three years of the hardship—this syncs up with the time frame for filing an amended return. However, the actual exemption is only good for the month before the hardship occurs, the month after and the duration of the hardship.

 

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