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How do I know if I qualify for exemption from the personal…

Customer Question
How do I know...

How do I know if I qualify for exemption from the personal mandate?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I'm shopping for cheaper insurance and I would like to buy off the market insurance but if I do not qualify for the exemption then I'll pay a $1200 penalty which would make the insurance more expensive. This is for next years taxes. I've had on the market insurance all of 2017.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I've heard that a death in the family in the past 3 years can give you an exemption. I've lost a brother and a grandmother.

Submitted: 2 months ago.Category: Tax
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Answered in 11 minutes by:
12/11/2017
Tax Professional: Barbara, Enrolled Agent replied 2 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,780
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The current exemptions are listed in the following link:

https://www.healthcare.gov/health-coverage-exemptions/hardship-exemptions/

The tax reform bill currently being considered may eliminate the individual mandate. The bill is expected to be finalized by 12/31/17.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 2 months ago
Dang it. The open enrollment period ends in 4 days. I've found that website already. I was wondering if there were reasons why I would be denied. Is it any death in the family or does it have to be someone that lived in my house? And is the exemption good for 3 years? I need a definitive yes or no before I make a change. That website doesn't provide that.
Tax Professional: Barbara, Enrolled Agent replied 2 months ago

Give me a moment.

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Tax Professional: Barbara, Enrolled Agent replied 2 months ago

The requirement to claim the exemption does not specify that the person had to live in your home.

The exemption is for the current year that you are applying for insurance and two years prior.

https://www.healthcareforyounow.com/resource/exemptions-tool-death-in-family.html

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,780
4,780 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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