Our Blog

News & Updates

ACA Penalties Gone?!?


A returning client asked a good question that you may have also been wondering about:



Bob,



I heard that the tax law passed in December of 2017 eliminated the ACA penalty for not having health insurance. Does this mean I don’t have to pay a penalty on my 2017 return? Can I just not report my health insurance information?



Thanks,



Nervous Client



 



Dear Nervous Client,



It’s great to hear from you! While it’s true that the Tax Cuts and Jobs Act of 2017 eliminated the penalty for lack of health insurance coverage, that doesn’t take effect until 2018. In addition, the IRS continues to remind taxpayers of their responsibility and requirement to report their health coverage. 2017 tax returns can not be electronically filed if they “leave the box blank” and don’t affirm or deny the existence of health insurance for the year.



So that’s a long way of saying that you need to report your health insurance status on your 2017 return.



Sincerely,



Bob “Your friendly ACA Policeman” Langworthy



Share this Article



Latest Posts

REQUEST A FREE CONSULTATION

Send us a message and we'll be in touch soon!



Captain Herman, Part 4
Captain Herman, Part 3

Read more
Copyright © 2016 l Management Accounting. All rights reserved.