How to Avoid the ObamaCare Tax Penalty Those who have insurance through work or currently do not have insurance obviously have nothing to worry about when it comes to the tax penalty. Those on Medicare or Medicaid will also be exempt. Aside from this Americans below the %133 FPL threshold will be exempt as well. Overall around 26 million Americans will be exempt from the tax penalty. Several groups are exempt from the requirement to obtain coverage or pay the penalty, including: • People who would have to pay more than 8 percent of their income for health insurance • People with incomes below the threshold required for filing taxes (in 2012, $9,750 for a single person and $27,100 for a married couple with two children) • People who qualify for religious exemptions • Undocumented immigrants • People who are incarcerated • Members of Native American tribes For those who can afford it and choose not to purchase health insurance the tax will be unavoidable. The money collected from these taxes goes towards funding ObamaCare and subsidizing hospitals who will have to cover unpaid emergency room visits. The money is also a down payment on your almost inevitable use of the health care system.
Posted on: Sat, 09 Nov 2013 00:36:55 +0000
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