Up to 30 million taxpayers will claim an exemption from Obamacare on their tax forms this year, the administration predicted Wednesday as officials tried to prepare the country and a skeptical Congress for the first wave of tax penalties under the Affordable Care Act.

Most Americans get insurance through their jobs or from a government program such as Medicaid, and will only have to check a box on their tax forms.

But up to 5 percent of taxpayers bought insurance using government subsidies and will have to go through a complicated reconciliation process on their tax forms. As much as 4 percent of taxpayers ignored the law and will end up paying a penalty, and perhaps 20 percent — or 30 million taxpayers — will be granted an exemption from the law, meaning they will escape the tax penalty altogether.

Read more

Related Articles