If you can afford insurance but refuse to get coverage, you have to pay a fee called the individual shared responsibility payment.
Yes. You might be exempt from this penalty if you went 3 months or fewer without coverage, your income was below the tax filing threshold, more than 8% of your household income would have gone to coverage, or you were denied Medicaid or CHIP.
If you owe a penalty, you’ll pay the fee when you file your federal tax return for the year you weren’t covered.
You can apply for an exemption from penalties by going to www.healthcare.gov/exemptions-tool.
If you don’t pay the penalty, the IRS will take the amount from your future tax refunds.
If you don’t offer insurance coverage to recipients or employees and are required to by the ACA, you could incur fees for uninsured employees and unreported forms.
The IRS has the Qualifying Offer Method and the 98% Offer Method to offer exemption relief for ACA reporting. For the 2017 tax year, the IRS is also offering some relief in the form of the Qualifying Offer Method Transition Relief and Section 4980H Transition Relief.
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