*from your friendly neighborhood tax consultant.... Healthcare act / obamacare question: What is the penalty for not having health care... *in plain English not gibberish... explained to you as i am aware of so far... the healthcare penalty is as so.. IF.. you purchase healthcare insurance you will be credited on your tax return (*possibly refundable credit depending on tax liability). You have the option to receive that credit during the year its paid (*prior filing) credited to your healthcare premium. The PENALTY in question i believe is if you did not or do not pay healthcare coverage you will not be able to receive a credit to your healthcare coverage or receive that credit on your tax return filed at the beginning of the year.. basiclly: YOU DONT BUY HEALTHCARE-> YOU DONT GET THE CREDIT-> NO CREDIT-> NOTHING TO LOOSE
Posted on: Wed, 19 Mar 2014 08:14:48 +0000
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