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Category: Tax
Satisfied Customers: 9696
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I changed jobs in 2015 & as a result, was without health insurance

Customer Question

i changed jobs in 2015 & as a result, was without health insurance last two months of 2015 because company I work for had a probationary period. Do I now have to pay a penalty for those two months? I checked into exemptions & got the impression I could qualify for #8965.
Submitted: 6 months ago.
Category: Tax
Expert:  Lane replied 6 months ago.
Hi, Which exemption did you qualify for?
Expert:  Lane replied 6 months ago.
Here's one that MIGHT apply: ...Unable to renew existing coverage—You were notified that your health insurance policy was not renewable and you considered the other plans available to be unaffordable.
Customer: replied 6 months ago.
Expert:  Lane replied 6 months ago.
Here's the form (table) that lists all exemptions....
Expert:  Lane replied 6 months ago.
If you'll look on the table, you'll see that this one isn't filed WITH the return ... it requires an exemption from the marketplace....I've found (unlike the IRS numbers) their telephone customer service to be very helpful...,.You can call them here: 1-***-***-****
Expert:  Lane replied 6 months ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”) will not credit us expert users here, until you have rated positively....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate & tax advice since 1986.
Customer: replied 6 months ago.
How much is the penalty I would have to pay? Is it equivalent to the amount of the COBRA premium I was offered?
Expert:  Lane replied 6 months ago.
No, it's calculated on the form you mentioned, ... It can be a flat fee or a percentage based fee....Here's a calculator for figuring the penalty... here's a good way to see IF one of the exemptions applies:...

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