WICHITA, Kansas – It’s crunch time across the board, taxes and health care extension deadlines have many people filing in to agencies for help.
Tax preparers and accountants are working hard to remind taxpayers of future tax-related healthcare provisions that could leave many facing penalties when they file next year.
The penalty can be calculated in two ways.
“It can be up to $95 per adult and half of that for a child ($47.50) or up to one percent of your household income,” said Susan Chocan with H&R Block. “You also could qualify for a subsidy through your taxes which means the government could give you back money through taxes that would help you pay for that health insurance premium.”
Experts add that for every year without insurance that penalty increases.
Aujanae Bennett, with Trinity Insurance and Financial Services, says there are exemptions to the rule.
“If you were uninsured for less than three months of the year or if your lowest price coverage available to you would cost more than 8% of your household income, then you can be exempt,” said Bennett. “If you file taxes, you need to go into the system [Healthcare.gov] or come and see someone like myself because it has to be done online and apply for that exemption because you’re going to need that certificate when you file in 2015.”
Officials say paying the penalty doesn’t mean you’ll have health insurance. You could still be stuck paying for 100 percent of your medical care.