Asked by Apple joy!!! on Jul 16, 2024

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Taxpayers who do not have qualifying health care insurance coverage can receive an exemption.Which of the following is NOT a permitted exemption?

A) Gross income greater than $10,400 for single taxpayers.
B) The cost of the lowest-cost coverage exceeds 8% of household income.
C) If the taxpayer went without coverage for one month during the year.
D) Income is below the level required to file an income tax return.

Qualifying Health Care Insurance

A health insurance policy that meets specified criteria set by government agencies to qualify for tax benefits or compliance with health care mandates.

Permitted Exemption

A deduction allowed under tax law that decreases the amount of income that is subject to taxation, based on specific criteria or eligibility.

Household Income

The combined gross income of all members of a household, used for various financial assessments.

  • Identify qualifying conditions for health care insurance coverage exemptions.
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Darrin MartinJul 23, 2024
Final Answer :
A
Explanation :
Gross income greater than $10,400 for single taxpayers is not a permitted exemption. All other options given are permitted exemptions.