Mazuma is now Vyde

If you were uninsured in 2015, you may owe a penalty on your taxes this year. However, you can still save money by claiming an exemption, which about 70% of Americans are doing in 2016. A whopping 300,000 people who paid the penalty last year would have qualified for the exemption, according to the IRS. No worries, Mazuma won’t let that happen to you. Here is the good news and the bad news about being uninsured in 2015.

Here’s the bad news first: the penalty has increased since 2014. The penalty for being uninsured in 2015 is $325 per adult and $162.50 per child (up to $975 for a family) or 2% of household income, whichever is greater. Yikes. You’ll sometimes hear this penalty called the  “individual responsibility payment.” If you went without coverage for only part of 2015, you’ll only owe part of the fee.

There is good news, though! For some Americans who do not already have insurance through their employer, their parents, Medicaid, Medicare, the Veterans health care program, individual insurance, or healthcare.gov– you may be exempt.

The Affordable Care Act allows certain people to claim exemptions, even if they were uninsured in 2015. These people may be followers of particular religious groups, members of Native American tribes, and people who do not meet the minimum income requirement, leaving them unable to afford healthcare coverage.

For the most part, if you were uninsured in 2015, you’ll have to pay the penalty. But, here’s a list of specific cases where you may be able to get an exemption.

Exemptions include:

(List from Intuit.)

Still not sure if you qualify for an exemption? Give Mazuma a call, we can help.

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