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Submitted By: someone
Answered: June 18, 2018 10:50 pm
Answered: June 18, 2018 10:50 pm
I’m unemployed with no health insurance. Will I owe a penalty because of the individual mandate?
The Tax Cuts and Jobs Act ended the penalty for not having minimum essential health coverage starting in 2019 (not for 2018). However, an individual without coverage in 2018 may be able to escape the penalty by claiming an exemption. Some must be requested from CMS; others directly on the tax return. Check the IRS website (https://www.irs.gov/affordable-care-act/individuals-and-families/aca-individual-shared-responsibility-provision-exemptions) for more details.
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A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
