Posted on 04/15/2016 7:52:38 AM PDT by dennisw
The Obamacare penalty only applies to those who get a tax refund
Starting this year, the Obamacare law imposes a penalty on individuals who fail to have so-called minimum essential health insurance coverage for any month. This coverage requirement is commonly called the individual mandate, and the penalty is the cost for failure to comply. As you will see, however, the penalty lacks teeth, so many folks will probably choose to blow off the individual mandate. In any case, here’s what you need to know about the penalty.
Penalty basics
You will owe the penalty if you don't have minimum essential coverage for yourself and your dependents. Minimum essential coverage includes certain government sponsored programs (e.g., Medicare, Medicaid, and the Children’s Health Insurance Program), eligible employer-sponsored plans, plans obtained in the individual market, certain grandfathered group plans, and other coverage specified by the Feds. However, if you fit into one of the following categories, you are exempt from the penalty.
Your 2014 household income is below the federal income tax return filing threshold (generally $10,150 for singles, $20,300 for married joint-filing couples, and $13,050 for heads of households). Your existing health insurance plan was canceled. You are considered to lack access to affordable minimum essential coverage. For example, coverage under an employer-sponsored plan is considered unaffordable if your required monthly contribution exceeds 8% of household income. You suffered a hardship in obtaining coverage. To qualify for this exception, you should obtain a hardship exception certificate issued by an Insurance Exchange. You have only a short coverage gap. You qualify for an exception on religious grounds. You aren't a U.S. citizen or national or you are in the U.S. illegally. You are incarcerated. You are a member of an Indian tribe.
Penalty specifics
(Excerpt) Read more at marketwatch.com ...
Cruz supports Obamacare tax penalty.
Trump abolishes Obamacare and the mandate tax. Trump lists details of abolishment. Trump is conservative.
Cruz only talks generalities while avoiding details like a lying Harvard lawyer.
Cruz is a flaming Big Govt liberal deceiver.
Does the outstanding penalty accrue interest?
For all prior situations where your refund could be withheld, it was not actually the IRS doing it. It’s an office called the Financial Management Service (FMS). FMS makes a claim against your refund and IRS sends it to them.
So is FMS still involved w/commie care?
Still waiting on those answers.
I’d like to see the actual Section and Paragraph numbers of the statute that says it ONLY comes from refunds.
This is where the FMS part becomes important. In addition to refunds, FMS makes claims against ANY payout from the Feds, to include Social Security.
So before I’d play any games with not paying that, I’d want something pretty definitive (Statute reference) not an article because you could be racking up interest at 25% on that fine and see all your SS money vanish in the future.
Yes, I do. He made the promises. He made the absolute statements along with many other republicans, yet, those same republicans funded ObamaCare.
” NO ACCOUNTANT will file”
Correct, so if you don’t want to pay it, you have to make sure your accountant doesn’t file it for you.
You’ll have to redo that part of the math and form on your own and file it personally.
Remember to remove the accountant’s name and EIN too!
IRS: Did you have health insurance.
Jake: No, I didn’t. Honest... I ran out of gas. I... I had a flat tire. I didn’t have enough money for cab fare. My tux didn’t come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake. A terrible flood. Locusts! IT WASN’T MY FAULT, I SWEAR TO GOD!
Yes this is not news. Its the only way the Dems could get the individual mandate passed. If you don’t have a refund coming just ignore the demand letters from the IRS. There is nothinv they can do.
LOL! He was a huge loss to entertainment.
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