The Tax Cuts and Jobs Act of 2017 did not repeal the penalty for individuals having health insurance for 2017 or 2018. There is still a requirement when you file your 2017 income tax return to disclose whether or not you and your dependents were covered by qualifying health insurance during all 12 months of 2017. If you did not have coverage for any period during the year, you will be subject to a penalty unless you qualify for an exemption. This penalty varies depending on your particular situation but is calculated as the greater of $695 per person or 2.5% of your household income. Make sure that your tax return includes the correct information related to your health insurance coverage.
As always, check with the tax professionals at Ketel Thorstenson CPAs for these and other tax matters because each situation is different. Don’t navigate the difficult and ever changing tax codes and legislation on your own. KTLLP CPAs and tax professionals receive advanced training and continuing education all year long to keep our service on the forefront of the tax industry.
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