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Submitted By: someone
Answered: September 26, 2018 10:02 pm
Answered: September 26, 2018 10:02 pm
I don’t have health insurance this year. Will I be penalized?
The Tax Cuts and Jobs Act ended the individual mandate starting in 2019. So for 2018, you’ll be penalized unless you have minimum essential health coverage or qualify for an exemption from coverage. You can find a list of exemptions in the instructions to Form 8965 (https://www.irs.gov/pub/irs-pdf/i8965.pdf).
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Tax Glossary
Tax attributes
When debts are cancelled in bankruptcy cases, the cancelled amount is excluded from gross income. Tax attributes are certain losses, credits, and property basis that must be reduced to the extent of the exclusion.
