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

We are in the FINAL HOURS of our 4th of July Super Sale! Get double Patriot Points and free shipping on the hottest items!

Related Articles