How to Avoid the ACA Health Insurance Fee After Getting Married
If you recently got married and your spouse didn’t have health insurance all year, you may be wondering how to avoid paying the ACA health insurance fee. In this blog post, we will discuss the different options available to you and help you determine the best course of action.
Income Threshold
You will only be exempt from the penalty if your annual household income is below a certain threshold set annually by the federal government:
In 2023, the threshold is $15,000 for a single filer and $25,000 for a married couple filing jointly.
For 2024, the threshold is $16,000 for a single filer and $28,000 for a married couple filing jointly.
Filing Options
If your household income is above the threshold, you have two options for filing your taxes:
File jointly: If you file jointly, your spouse’s income will be added to yours, and you will be jointly responsible for the penalty.
File separately: If you file separately, only your income will be considered in calculating the penalty. However, you will not be able to take advantage of certain tax deductions and credits that are only available to married couples who file jointly.
Reconciling Payments on Joint Returns
If you file jointly and your spouse is required to pay the penalty, you can choose to pay the penalty on your tax return or you can have your spouse pay it separately. If you choose to pay the penalty on your tax return, it will be deducted from your refund or added to the amount you owe. If you choose to have your spouse pay the penalty separately, they will need to file a Form 1040-NR and include the payment with their tax return.
Getting Help
If you are unsure whether you qualify for an exemption or how to file your taxes, it is important to seek professional help from a licensed insurance agent in your state. They can answer your questions and help you determine the best course of action to avoid or minimize the penalty.
Question? or Need a Free Quote?
Contact Us
Reach out to us for free expert insurance advice and solutions. We will help you solve ACA (Obamacare) related questions and problems. Will contact you within 24 hours of receiving your message.