Dropdown button for navigation mobile view

Find out if You Qualify for a Health Insurance Coverage Exemption

Posted by: Zaher Fallahi
Posted On: Apr 27, 2014

The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment when filing his or her federal income tax return.

 

You may be exempt from the requirement to maintain qualifying health insurance coverage, called minimum essential coverage, and may not have to make a shared responsibility payment when you file your next federal income tax return. .

You may be exempt if you:

 

Have no affordable coverage options because the minimum amount you must pay for the annual premiums is more than eight percent of your household income,

Have a gap in coverage for less than three consecutive months, or

 

Qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage or belonging to a group explicitly exempt from the requirement.

 

The IRS website, IRS.gov/aca, has a comprehensive list of the coverage exemptions.

How you get an exemption depends upon the type of exemption. You can obtain some exemptions only from the Marketplace in the area where you live, others only from the IRS, and yet others from either the Marketplace or the IRS.

 

Additional information about exemptions is available on the Individual Shared Responsibility Provision web page on IRS.gov. The page includes a link to a chart that shows the types of exemptions available and whether they must be granted by the Marketplace, claimed on an income tax return filed with the IRS, or by either the Marketplace or the IRS. For additional information about how to get exemptions that may be granted by the Marketplace, visitHealthCare.gov/exemptions.

More Information

 

Find out more about the tax-related provisions of the health care law atIRS.gov/aca.

 

For assistance with your tax preparation, tax planning, accounting, payroll processing, and the IRS representation including disclosure of your undeclared foreign bank accounts, please contact Zaher Fallahi, CPA, Tax Attorney, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com

Mr. Fallahi has been an exceptional attorney throughout my experience with him. His deep expertise and thorough understanding of OFAC law were evident. He provided clear and insightful guidance that was crucial in my case. Mr. Fallahi's professionalism and commitment to me as his client were truly commendable. He consistently ensured my concerns were addressed promptly and effectively. I highly recommend Mr. Fallahi to anyone seeking expert advice and representation in OFAC matters.
It's been an honor to know Zaher Fallahi, Esq for the past 49 years.He is one of kind in almost everything. His clients and friends are always his priority. In my long life, I have had the chance to be helped by many people. But ZaherFalahi is a distinguished personality that his professionalism helped me to succeed in life.And that's why I never hesitate to refer my family and friends for all their legal and financial matters to him.
I have had the pleasure of knowing attorney Zaher Fallahi for over 10 years in a professional capacity. Zaher is knowledgeable, diligent, capable and a conscientious attorney. Zaher has a strong reputation in his field - International Tax and Undisclosed Foreign Bank Accounts - and is a good person, in general. I highly recommend him for your legal needs.
More reviews
js_loader
Request Consultation