I wonder what happens if I do not have health insurance when I fill out the tax return. Medicare cut my health insurance without my knowledge for a period of 12 months. what happens in this case? do I have to pay a penalty? if so., how much would it cost for being without health insurance for 12 months? I am curious to know. Thank you in advance!
There is no Federal penalty for not having health insurance. Only five states (California, Massachusetts, Rhode Island, New Jersey and Vermont) and the District of Columbia require all eligible residents to declare annual proof of health insurance coverage on state taxes. If you’re uninsured and don’t qualify for an exemption, you must pay a tax penalty determined by the state (except Vermont, which does not levy any fees).
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