Can the IRS Find Out If I Had Health Insurance?
The Affordable Care Act (ACA) requires most Americans to have health insurance. If you don’t have health insurance, you may have to pay a penalty when you file your taxes. The penalty is $695 per adult and $347.50 per child, up to a maximum of $2,085 per family.
The IRS can find out if you had health insurance by comparing the information you provide on your tax return to the information that health insurance companies report to the IRS. Health insurance companies are required to send Form 1095-A, B, or C to their customers, who must attach it with their tax return.
What if I don’t have health insurance?
If you don’t have health insurance and get audited, you could be penalized for nonpayment. However, there are certain exemptions that allow you to avoid the penalty. These exemptions include:
If you are low-income and qualify for Medicaid or CHIP
If you are uninsured for less than three months of the year
If you are a member of a religion that opposes health insurance
If you are incarcerated or institutionalized
If you are a non-resident alien
What if I check the box that says I have health insurance, but I don’t?
If you check the box that says you have health insurance, but you don’t, you could be fined by the IRS. The fine is $2,500 per year for each year that you don’t have health insurance.
Get Expert Help
If you are unsure whether you have to have health insurance or if you qualify for an exemption, it is important to seek out licensed experts’ help. They can help you determine if you need coverage and can assist you in finding a plan that meets your needs and budget.
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.