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New Health Laws Yield New Tax Forms- Part 3

by David Huff on January 28, 2015

If you were uninsured for all of, or part of, 2014, you may have to pay a penalty when you file your return.  There are many exemptions available for this penalty, such as a hardship exemption if you had high medical expenses.  There are also exemptions for brief lapses in coverage or if coverage would cost more than 8% of your household income.

If you file for a hardship exemption, you must do so through the marketplace and it must be a paper application.  This process can take weeks and you must get an exemption certificate number which must be entered on your tax return. If you are claiming an exemption you must complete Form 8965 and attach it to your return.

You can go to www.healthcare.gov  and look up “exemption” in the search box to see if you qualify for any of these exemptions.

Person Huff CPA Group is available for assistance with your tax needs.  Contact us at 504-780-8299 or visit our website www.personhuffcpa.com.

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