By Matt Cover January 31, 2013
(CNSNews.com) – In new, final regulations issued Wednesday, the Internal Revenue Service (IRS) said that parents must pay a federal fine under Obamacare if their children or dependent spouses are uninsured for any part of the year. The regulations clarify provisions of Obamacare that seem to say that a parent will be held liable for Obamacare’s individual mandate penalty if they don’t have insurance coverage for their children.
In its final regulations, the IRS states that parents will be made to pay the penalty if they can claim an uninsured child or spouse as a dependent, regardless of whether they actually claim them or not. “The proposed regulations clarify that a taxpayer is liable for the shared responsibility payment imposed with respect to any individual for a month in a taxable year for which the taxpayer may claim a personal exemption deduction for the individual (that is, the dependent) for that taxable year,” the regulations state...To Read More...
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