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No ObamaCare Penalty On 2016 1040s

Posted by taxguru on February 16, 2017

Trump has done what the Supreme Court refused to do and wiped out the penalty for not having health insurance.  It appears to be effective for the 2016 1040s that we are currently in the process of preparing.

Major Blow to Obamacare Mandate: IRS Won’t Reject Tax Returns That Don’t Answer Health Insurance Question

 

Unfortunately, this isn’t retroactive to previous years, so no refunds will be allowed for the penalties already paid in.  But, those amounts were much smaller than the penalty is scheduled to be for 2016 and future years. However, people who have not yet filed earlier year (2015 and back) returns can most likely now skip that penalty when they get around to filing them.

Update: IRS statement on this issue.

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