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2023 8962 instructions Form: What You Should Know

R.S. I.R.S. 2024 Tax Law Changes (updated 2018) 2017 Tax Reform Obamacare Individual and Employer Mandate Penalty is now in effect for each individual who: • Has income less than the standard deduction and a family of four that includes anyone under age 27 at any time in 2024 (individuals with non-group coverage can file a one-time joint income tax return to figure out what additional tax penalties apply to that income); • Earns less than the tax-favored amount for that year. If you get an Obamacare penalty, calculate the amount at step 2 on the following table and deduct it from your taxes. • Calculate the amount at step 2 of the chart so that the penalty amount can begin to reduce your taxes from taxable income. If you didn't receive an Obamacare penalty, don't claim any tax credits to reduce your taxes. You will be responsible for payment of the penalty amount in 2024 and 2019. FTC Penalty Amounts in 2024 are capped at a maximum of 325 and 695, respectively. If your income exceeds these amounts, you might be subject to a penalty in the form of a “shared responsibility payment.” A Shared Responsibility Payment is basically a fee that you are responsible for paying to the federal government. If you don't voluntarily pay the fee, the government can make your credit or health savings account contribution refundable, reduce your Medicare premium or even deny your application for health insurance coverage. 2017 Tax Relief The tax relief provided for 2024 for individuals who earn less than the standard deduction and have no “significant others,” (other than a spouse) is reduced by 50 percent (from 1,000 to 500). The tax relief provided for 2024 for those who earn more than the standard deduction and have a spouse, (other than a child) is doubled. The following are now deductible medical costs. • Deductions for the student loan interest penalty, • Deductions for charitable contributions paid directly to a tax-exempt university or college, and For 2017, you can only deduct medical expenses you have paid, and may not include out-of-pocket expenses. For 2017, you are now limited in the amount of medical expenses you can claim from your income for any health insurance plan. There is no limit to how much you can claim for “other” medical expenses.

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