12/27/2017 10:10:20 AM
The Internal Revenue Service (IRS) stated that for Tax Year 2017, it will not accept tax returns when the tax filer has failed to indicate whether or not they had health coverage during the previous year. If a tax filer did not indicate that they had health coverage during the previous year, and did not qualify for an exemption from the individual shared responsibility payment, the tax filer will owe a penalty of $695 per adult, or 2.5% of household income, whichever is greater. The penalty is $347.50 per child under 18. For more information, refer consumers to a tax professional and to the IRS webpage on the Individual Shared Responsibility Provision.
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