Starting this year, if you do not have medical coverage, you must pay a penalty to the federal government. My question is....how will the feds determine if you have healthcare coverage or not? Seems like it would be easy to dodge that bullet.
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Starting this year, if you do not have medical coverage, you must pay a penalty to the federal government. My question is....how will the feds determine if you have healthcare coverage or not? Seems like it would be easy to dodge that bullet.
I'm not positive about this Ray, but I believe you have to show proof of coverage when you file your taxes.
Yeah, there's supposed to be something on the IRS forms and a place to pay the fine at the same time.
"Show Us Your Papers Or Else !!!"
I have a feeling this will get interesting. Thanks for your thoughts, Meddle and og.
http://obamacarefacts.com/obamacare-...on-penalty.php
There are exemptions. Not everyone has to pay the penalty tax. For instance, a couple with two children can make up to $27,000 and not pay the tax. Pretty much, poor people are exempt if they cannot afford to buy coverage. I thought they were supposed to be the beneficiaries of this program. How could they not afford it? Some religious groups are exempt. The penalty is designed more to snag higher income earners without insurance. the largest penalty is the amount of the national average cost of bronze plans.
Ray this is what the 2013 1040 instructions say:Quote:
Originally Posted by Ray1936
"The following information does not affect your 2013 tax return. However, when you file your 2014 tax return in 2015, you and your family will have to document that you had health care coverage throughout 2014. Under certain circumstances, you may be entitled to an exemption if you did not maintain coverage in 2014. Otherwise, you may need to make a payment with the 2014 return."
It sounds to me that they haven't yet decided how to document coverage. My guess it that it will be a check off box, with no real proof required unless requested by the IRS.
Interesting, Jim. I see substantial enforcement difficulties. Not that it matters to me, I do have Medicare. When I retired from DPD I worked for 17 years in hospital security, got in more than all my quarters! Whew; good decision, since I'm losing it all from the CofD.
Here is a question. Say you make enough money to afford just paying your hospital bills on your own? [[I understand that this means you are somewhat well off). You technically have health coverage, since you can just pay the bills. Are you still taxed?
Good question, Jerry. Take Bill Gates, for example. I'm sure he and his wife couldn't care less about healthcare costs. Matty would probably cross that bridge when he got to it. [[No groans, pls.)
Nor will Nancy [[...pass the bill to find out what it's in it) Pelosi... the esteemed elite [[dem and repub) are usually exempt from what they endorse for the masses.
Quote:
Originally Posted by Ray1936