The ObamaCare Mandate and How You Can Qualify for an Exemption from the Tax “Penalty” ObamaCare Mandate:  Those who choose not to purchase insurance will have to pay a tax “penalty” unless they qualify for an exemption. Exemptions from  ObamaCare’s tax “penalty” mandate  are available to a number of Americans.  We will cover all of the ObamaCare exemptions below, but first let’s take a look at how to avoid the fee and what happens if you don’t get covered. Avoiding the ObamaCare Fee The Individual Mandate (AKA the Individual Shared Responsibility Provision ) is the part of the Affordable Care Act that says you must obtain and maintain minimum essential coverage  throughout the year, get an exemption, or pay a fee on your Federal Income Taxes for each month you, or your dependent, go without coverage. To avoid the penalty  you must obtain minimum essential coverage and maintain it throughout the year or get an exemption. Get...

What Are Tax Exemptions? Tax exemptions reduce your  adjusted gross income , ensuring that not all of your income is taxed. Your total exemptions, along with your  standard deduction  or  itemized deductions , are subtracted from your adjusted gross income to figure your  taxable income . Tax exemptions are divided into two categories:  personal exemptions  and  dependent exemptions . Each tax exemption is worth $3,950 for Tax Year 2014.  How Many Tax Exemptions Can I Claim? Generally, you can claim one personal tax exemption for yourself and one for your spouse if you are  married . Your spouse is never considered your dependent. You can also claim one tax exemption for each person who qualifies as your  dependent . You cannot claim any exemptions if another taxpayer is entitled to claim you as a dependent. In this case, they get the exemption for you, and you are not allowed to claim any dependents. 2014 Federal ...