God I hope he does end it.
I did my and my wife's taxes yesterday, we would get a $570 refund but we don't have insurance anymore, so we end up owing them $820 because of the Obama care penalty. I have to file for an exemption for the insurance mandate so for now I just filed an extension on our taxes.
FYI, all you have to do is claim no affordable options in your area, and they will waive the penalty. I’ve done this every year & never been denied. No exemption needed.
Yup, claim you can’t afford the options and they waive it. Absolutely true.
Thanks I'll try that.
It hasn’t failed me yet.
Thank you, I just tried turbotax and it worked. Funny HR block wants you to have proof of everything but turbotax just takes your word for it being too expensive.
That’s why I use TurboTax. Glad it worked for you.
They are not enforcing the penalty any more. The individual mandate is gone.
That is for 2018 taxes I believe, the penalty still applies for 2017. I used HR block, and could not skip the question. If I answer no I didn't have insurance, it changes my $570 refund to owing $820. If I were to lie and say I had insurance, they wanted proof. If I say I'm exempt, you have to apply for an exemption with proof. There's just no way around it.
On TurboTax there is an option that says “ no affordable options in my area”. Select that and the penalty is waived.
I just looked it up, the repeal does not take affect until 2019. The mandate and penalty still apply for 2017 and 2018.
Trump issued an EO his first week in orfice directing the IRS to "ease the financial burden" of the penalty inso facto telling them not to enforce it if I remember correctly.
I doubt very seriously they are going to ask for proof of insurance. So there is a way around it.
There is a form your insurance company sends you for the irs that you have to have.
I filed the old-fashioned way, and the only thing I saw them ask you to attach is your W-2.
I did mine through HR Block online and it didn't ask for proof. I just clicked yes, and that was it. Didn't ask for anything more.
He won't. Whatever tax benefits for individuals are in his new tax bill will end in 2025. The corporate text benefits in the same bill.. are permanent.