Finance

What TurboTax Says About Obamacare Exemption

As many as 70 percent of Americans without insurance have asked for the Obamacare Exemption to exempt them from having to get Obamacare insurance.

TurboTax says that most Americans are not paying penalties mandated for those who do not signup for Obamacare medical insurance.

According to TurboTax, 70 percent of their clients are saying Obamacare costs too much for them to pay, even for the most affordable plans. These customers are instead using a financial burden Obamacare exemption which is available from the IRS.

Some people use the Obamacare exemption if they have been evicted from their home, experienced the death of a family member, or have gone through some other disaster that has lead them to be unable to afford Obamacare.

The penalties for refusing Obamacare insurance have gone up from $95 when the program went into place in 2014 to $325 as of 2015. If penalties were unpaid in 2015, it will go up to $695, or 2.5 percent of income, in the next year, if the person continues to go uninsured.

According to TurboTax, some of the factors that can lead to an Obamacare exemption are:
– Being in prison,
– Being an undocumented immigrant,
– Being insured through a religious organization,
– Being the victim of domestic violence,
– Being under Federal poverty income levels.

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