Effective with 2019, not 2018, the penalty for not having health insurance coverage will be reduced to -0-. It is still up in the air what impact this will have on anyone who currently has Marketplace Insurance and received a subsidy, as the intention of the penalty was to help pay for the subsidies. I would expect subsidies to be reduced next year or cost sharing to be reduced, at a minimum.
We are on top of this new tax law here at LCI Taxes and are ready to help you and your family prepare for these changes as well as any others that may be forthcoming. Give us a call at 386-586-3976 with questions or to schedule your appointment!
Chris Kocher CPA