Will I be penalized by the IRS for not having health insurance?
My health insurance is not great and I was thinking of dropping it, will I be penalized by the IRS for not having insurance ?
Best Answer
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Hi! The IRS currently does not have any penalization for not having any health insurance. However, some states such as California, DC, Massachusetts, New Jersey, and Rhode Island will make residents pay a fee if they do not have health insurance.
Answers
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Ok I live in CA. A coworker informed me that I can claim a hardship in regards to not having insurance when filing my taxes, is this true?
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You may claim an exemption to the 'Shared Responsibility' penalty CA will levy on your taxes if you do not have health insurance if you can prove to CA that, for you, health care is unaffordable
If you'd like to claim an exemption to the penalty, you'll need to apply for an exemption in advance. information to help you apply for that exemption is available on the CA tax website here:
