I was covered by my parents' health insurance until September 2017, and then I enrolled in my own health insurance plan. My insurance is a HDHP, and I have a HSA. Will I owe a health insurance penalty for failure to maintain coverage?
You won’t be subject to a health insurance penalty if all of these are true:
- You established your own coverage within three months after you lost coverage under your parents’ plan.
- You didn’t establish the health savings account (HSA) until the high-deductible health plan (HDHP) was in place. Also, you only contributed to it while the HDHP was in place.
- You’ve remained covered only by the HDHP and other permitted coverage.
As the year ends, take steps to prevent tax problems in the new year. Don't let IRS issues get the best of you - learn how to fight them at H&R Block.
Did you forget to make an estimated payment on your taxes? Learn whether you may be subject to an underpayment penalty. Get tax answers at H&R Block.
Is rental property depreciation effected by AMT rates? Explore your options and learn more. Get tax answers from H&R Block.
Are you exempt from a withdrawal penalty if you've been terminated from your job? Learn more about this important question and get tax answers at H&R