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University of Illinois Extension


Important tax information you need to know

If you did not have health coverage for all or part of 2014, you may be subject to a fine or eligible for an exemption? Do you know which?

In 2014, fines are $95 per person or 1% of your yearly household income over a certain amount, depending upon which is higher. Exemptions are available. If you do not qualify for an exemption based upon income, there may be another way for you to qualify. The IRS requires a new form, 8965: Health Coverage Exemptions. Do you know where to find it or what information you need to complete it?

Perhaps you should find out more? An easy-to-read summary is available at the following link where you can learn more about the fines, the exemptions and how to claim them, or link to the IRS for more detailed information. If you didn't have health coverage in 2014: https://www.healthcare.gov/taxes/no-health-coverage/

Isn't it time to find out?

Guest post by Heather Coyle

Posted by Chelsey Byers Gerstenecker at 8:00 AM | Permalink
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