Question
In: Accounting
Tom earned $50,000 as self employed carpenter. He is single, lives alone, and has been purchasing...
Tom earned $50,000 as self employed carpenter. He is single, lives alone, and has been purchasing his health insurance through the marketplace as required under the affordable care act. Tom comes in to have his 2018 taxes prepared in January of 2019, and tells you that he heard that the individual mandate has been repealed, and that he cancelled his health insurance coverage in March of 2018, as he is healthy and no longer wished to pay the premium . based on your knowledge of TCJA, what is the month that Tom would no longer pay a penalty for not having health insurance coverage? January 2018 the legislation is retroactive to January 2017 January 2019 January 2020
Solutions
Expert Solution
The penalty for not having health insurance is repealed from the year 2019. So Tom is required to pay penalty for not having insurance coverage in the year 2018. However as Tom cancelled his coverage in March 2018, he is not liable to pay penalty for Jan and Feb 2018.
ekkarill92 answered 2 years agoRelated Solutions
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