You Aren't Subject To The Obamacare Penalty If...
If you can't find “affordable” coverage, meaning the cost of your premium would be more than 8.05 percent of your household income, then you are exempt from the Obamacare Tax Penalty. This is based on the lowest-priced coverage available to you through either a Marketplace or job-based plan. Don't believe it? Click Here to Learn More.
Here are other exemptions you should know about:
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You were uninsured for less than three consecutivemonths of the year.
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You didn’t qualify for Medicaid because their state didn’t expand eligibility for the program under Obamacare. (This doesn’t apply to Californians because they did.)
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You cannot find “affordable” coverage, meaning the cost of their premium would be more than 8 percent of their household income.
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Your household income is low enough that you’re not required to file a federal tax return. For tax year 2014,the tax-filing threshold for individuals under 65 is $10,150 and it’s $20,300 for married couples filing jointly. (They don’t have to file a return to obtain this exemption.)
- You qualify for one of 14 “hardships” that include homelessness, domestic violence, the death of a close family member and bankruptcy. You can find all of them on the healthcare.gov website.
Warning: You will need to prove some of these hardships. And these exemptions aren’t necessarily granted for the full year, but are based on the duration of the hardship. Use this application to apply for an exemption from the shared responsibility payment.