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Just when you thought it was safe……. OK, you know that line. In the tax world we just got rid of the federal health insurance mandate only to get it from California. Our legislature is determined to force everyone to buy health insurance in spite of the Supreme Court’s determination that such a mandate is unconstitutional.
New law requires California residents and their dependents to obtain minimum health care coverage by January 1, 2020. If you hadn’t already noticed, that date is just around the corner.
Penalty: Up to $695 annually per individual. There are other features that are similar to the former ACA. You can find more details at the link below. That will be easier than me trying to put another 500 words in this blog to explain it!
Chuck became a tax preparer in 1976 and an Enrolled Agent in 1981. Chuck specializes in trust and estate tax returns. He served as a QA team member for Intuit on multiple professional tax software programs. Chuck has been writing curriculum and teaching taxes to the pros since 1978.