Just what can the IRS do to get that $695 out of me?

papercutter

Super Genius
103
So, due to some uncertainties and setbacks I suffered in my life insurance business last year, I went all of 2017 without ACA-compliant health coverage. Now the IRS just sent me a thick envelope full of forms and a return envelope asking me to show proof of coverage for last year, a completed exemption application or the $695 penalty for not having coverage. I wound up of course owing fed.gov taxes, rather than being owed any kind of refund. So what exactly can they do in 2018 to force me to pay up the 695 bucks? Thanks.
 
Thanks for the input, but I think I've found my answer. The longer I don't pay the penalty, the more it accrue interest. As soon as I've a got a tax refund coming - which admittedly, might be never lol - they will assess the penalty along with the accrued interest against the amount of the refund owed me. I will probably just go ahead and pay the damn thing, knowing that after this tax year it will never be assessed again. :confused:
 
Thanks for the input, but I think I've found my answer. The longer I don't pay the penalty, the more it accrue interest. As soon as I've a got a tax refund coming - which admittedly, might be never lol - they will assess the penalty along with the accrued interest against the amount of the refund owed me. I will probably just go ahead and pay the damn thing, knowing that after this tax year it will never be assessed again. :confused:
Wrong, they'll add interest(I believe daily) until you pay it. If you take too long to pay, they'll get tired of waiting and attach your bank account. :policeman:

I'd call the IRS and work out a payment plan. :yes:
 
I know they'll add interest. But they can NOT garnish wages or attach to a bank account. Found 100% verification of that from an IRS attorney.
 
I have medical coverage now. It just isn't "ACA" compliant. F*ck the federal gov't telling me what is and isn't legitimate health insurance.
 
I have medical coverage now. It just isn't "ACA" compliant. F*ck the federal gov't telling me what is and isn't legitimate health insurance.

A while back I moved out of the country to get away from all the bs in the U.S. I thought living in another country would be better. In some ways, it was. I ended up back here because I found that all the bs I had to deal with here, the U.S. was still "the best game in town".

Fun fact, I had to come back for health issues. Almost died. Thank god I had access to American doctors, reasonably good health insurance, and plenty of money.
 
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