Q: How can I get Health Coverage gaps Penalty exemption?
I applied for Health Coverage in the market gin Jan 2016.
I got market decision on Jan 25 qualifying me to get subsidy from my tax credit provided I provide additional documents before April 2016. I did and I made the payment by end of February. The coverage started in April.
I have another gap for month August as I was moving from Texas to California.Then I started getting coverage in Medical starting from Sept.
My income for 2016 is 31514 including my tax refund of 2015 (4370). We are a family of 4 (two kids 9 year old). We lived in Texas and we were denied medicaid.
How can we get an exemption from the penalty on the absence of health coverage as our income ca not take another blow?
A: Consult your tax professional. Based on one of the latest Executive Orders, you may get a penalty waiver for the mandatory section of the ACA. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA.
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