The Centers for Medicare and Medicaid Services announced on Wednesday a new opportunity for those who failed to have health insurance in 2018 to avoid a hit on their taxes.
Under the Affordable Care Act, the so-called individual mandate required nearly all Americans to have some form of health insurance coverage or face a tax penalty. Traditionally, individuals were eligible for a hardship exemption from the penalty only under certain circumstances, such as homelessness, domestic violence, or natural disasters. Documentation needed to be submitted to qualify for the exemption.
The new policy allows hardship exemptions to be claimed for more general financial burdens and also eliminates the need to provide “the documentary evidence or written explanation generally required,” the CMS said in a statement… Read More at CNBC