This is it. The deadline to sign up for health insurance under the Affordable Care Act this year is March 31. With time running out, the questions about how the health law and the exchanges work keep pouring in. Here are a few more to check out while the clock ticks down.
My son will be 19 in May. I claim him as a dependent on my taxes. If I don’t provide for his medical coverage and he is unemployed and makes no income, how is he supposed to pay his penalty? Or are they going to take his penalty out of my tax return because he is a dependent on my return?
If you claim your son as a dependent, you’ll be responsible for paying the penalty if he doesn’t have health insurance this year. The penalty is the greater of $95 for every uninsured adult in a tax household or 1 percent of your annual family income over the income threshold that requires you to file a tax return. (The threshold is $13,050 for a head of household or $20,300 for a married couple filing jointly.).
To qualify for the flat $95 fine, a family’s income would have to be quite low. For most families, the 1 percent penalty will apply, says Brian Haile, senior vice president for health policy at Jackson Hewitt Tax Service. In your case, if your
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