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“Short-Term Gap” in Health Coverage-Can-Help-Avoid Tax Penalty

If you had a short gap in qualified health insurance through the Affordable Care Act, also known as Obamacare, you might not have to pay the tax penalty when you file your 2017 taxes this year. This can get a bit complicated, so we’ve provided examples.

Here’s how the “short-gap” exemption works:

You’re considered covered for any month you had minimum essential coverage, even one day.

So how does the cost of the penalty break down?

For every month you and your tax dependents didn’t have coverage, the penalty is by month, or 1/12 of the annual amount on your taxes.  Of course, the “short-gap” rules (above) still apply.

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