Dr. Wagner teaches on Obamacare. From time to time we will share some of the ACA questions she gets. The question that came in this week was as follows:
I just returned to the United States last year and moved in with my brother. I didn’t work at all last year. He is able to claim myself and my daughter as dependents. Am I exempt from health insurance? If so, how do I file that exemption? Also, the deadline to get health insurance for this year is February 15, 2015 right?
Response: Have I got great news for you. Since you didn’t work at all last year and have no income, you are not required to file a tax return. Therefore, you are exempt from health insurance and cannot be penalized. There’s nothing to file.
The deadline to get health insurance for 2015 is February 15, 2015. You are correct.
Just so you know: Readers, a person has to make a minimum of $10,150 in order to file a tax return. Once they are above that amount, then they would have to get health insurance. So if you are reading this and are a part-time worker, you may have just discovered some relief.
Let’s say you are a contract worker or even work at home, you also fit into this category. Make sure you know what the parameters are. If you did make over that amount and you got health insurance through the exchange, make sure you have your form 1095-A. Cannot stress that enough. Believe us, you don’t want to file your tax return, it gets to the IRS and then they notify you, you are missing some crucial information. Now you have to file an amendment, then you are delayed even more from the final result.
Listen everybody doesn’t like doing taxes to start with. Take your time and do it right the first time instead of having to do it over.