filing taxes

[cheery 1]

Hi everyone just want to ask from you guys clarification

that in filing IRS is it necessary that one should have a

health insurance for the fiscal year?

or what about if one haven't had?

happy for your responses guys

[aaron2020 11,651]

If you did not have health insurance, then you may be subject to a tax penalty.

[cheery 1]

If you did not have health insurance, then you may be subject to a tax penalty.

and how much is the penalty for that? even if you cannot afford to pay for it every month?

[aaron2020 11,651]

and how much is the penalty for that? even if you cannot afford to pay for it every month?

The cost of the 2014 Obamacare penalty is calculated in one of two ways, with you paying the higher amount. The penalty is either 1% of your taxable income, or it is $95 per adult and $47.50 per child with a maximum amount of $285.

Not being able to pay for health insurance is not an acceptable excuse. You could have gotten subsidized health insurance under Obamacare and qualify for Medicaid. The cost to you would be zero under Medicaid.

You are being penalized for failing to help yourself. You are not being penalized for being unable to pay for health insurance.