Income tax Penalty for not having health insurance?
Will there be no Penalization for income tax and not having insurance this year?
- 9 months ago
This is an answer for Indian Income Tax:
No question of penality for not having health insurance. If you pay health insurance you get tax benifit to the extent of premium paid.
- JudyLv 710 months ago
penalty is gone as of this year
- Anonymous10 months ago
No,they did away with it. But I still buy it because its free because my income is low.I get a free flu shot and it saves me 20-30% on scripts. Otherwise, it does not save me anything because I have never even got close to spending $6400 or whatever it is in a year.
- MarvinatorLv 710 months ago
There is no federal penalty for not having health insurance since 2019, however, certain states and jurisdictions have enacted their own health insurance mandates.
Some places where a health insurance penalty is still assessed: (This is not an exhaustive list and you should check locally to be sure.)
New Jersey. This state has a health insurance penalty that went into effect in 2019. The health insurance penalty is based on New Jersey’s prices for bronze level health insurance policies.
Massachusetts has had a health insurance penalty since instituting a state health insurance program in 2006. In the past, they did not assess a health insurance penalty if someone paid one at the federal level. However, with the elimination of the federal health insurance penalty, they will begin charging a state fee.
Vermont has instituted a health insurance penalty for uninsured individuals in that state. The health insurance penalty law goes into effect in 2020.
District of Columbia. This city has signed their own health insurance penalty into law. It went into effect in 2019.
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- The TaxpayerLv 710 months ago
In USA, no penalty.
- Wayne ZLv 710 months ago
Technically, there is a penalty but, the penalty is $0.