Your 2016 health coverage may affect your income taxes. To get details, visit https://www.healthcare.gov/.
You will receive a new Form 1095-B (Health Insurance Marketplace Statement) by mail for you and your dependents by January, 31, 2017. Use it to file your 2016 federal income tax return.
If you did not have health coverage for 3 months or more in 2016, one of the following will apply to you: EITHER you will qualify for a health coverage exemption OR you will pay a fee when you file your 2016 federal income tax return. For more information regarding exemptions, visit https://www.healthcare.gov/health-coverage-exemptions/. The penalty for 2016 and 2017 is either:
If you have to pay the fee, you will pay the penalty on your federal income tax return. The IRS calls the fee the Shared Responsibility Payment. Those with low incomes and some others may be eligible for health care exemptions.
If you are uncovered just some months of the year, you pay ½ of the penalty for each month you are not insured. If you’re uncovered for only 1 to 2 consecutive months, you do not have to pay the fee at all.