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I did not have health coverage in 2018. Is there a way out of the penalty so i dont have to pay the $700 tax fine? Any easy way?
5 Answers
- ErikLv 72 years ago
Yes. Just don't pay it! There's no penalty for nonpayment, and the interest rate is super low, something like 4% per year. But even that doesn't matter, since you never have to pay it. If you owe tax on top of that, you can just pay that extra amount, and leave the fine alone. I paid it the first few years, when it was smaller. But for the last 2-3 years, I've just said to hell with it. The only catch is that if you get a refund, they're going to take it out of that. But these days I always owe.
- ?Lv 72 years ago
Live at the poverty level? Not what I'd want to do.
Review instructions for form 8965 and see if any of the exceptions applies to you.
- JudyLv 72 years ago
There are several reasons that, if they apply to you, can get you out of the penalsy.; see https://www.irs.gov/affordable-care-act/individual...
- EnigmaLv 62 years ago
A Federal judge recently ruled the Obama Care is unconstitutional,there should be no penalty.