Believe it or not, tax season is already upon us for the year 2019.
Tax experts want to let you know there is no longer a penalty for lack of health insurance coverage.
In years past, those who chose to forego health insurance would receive a tax penalty as part of the individual mandate in the Affordable Care Act.
“For instance, if you were a single person, last year the penalty was $695. That has been eliminated, so if you don’t have the proper health coverage you will not be penalized the $695,” said Jason Williams, Liberty Tax Service.
The 1095 C form has been eliminated altogether. Williams also says the only other noteworthy change is an increase in the standard deduction.