... the IRS is limited in the ways it can collect the fine. The Affordable Care Act stipulates that taxpayers are not subject to criminal prosecution or penalty for refusing to pay. The IRS cannot place a lien on property, either, as it can when collecting back taxes. The only way the IRS can collect the mandate fine is by taking it out of withholding or deducting it from tax refunds of those who receive one. The IRS has no way to collect the fine from people who do not participate in withholding – however, making it more likely they will receive a return. If the cost of insurance is more than 8 percent of your income, you may be exempt from the mandate if you buy your own insurance. This is meant to protect low-income older people, who pay more for insurance than young ones. Many older Americans may be exempt from the mandate altogether. People below the poverty level and who do not file an IRS return are exempt from the mandate. Recognized religious organizations and American Indians are also exempt. Copyright 2013 Raycom News Network. All rights reserved. wbtv/story/23362426/s
Posted on: Thu, 26 Sep 2013 14:25:55 +0000
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