Some California residents who lost their health insurance along with their jobs during the coronavirus pandemic may face financial penalties when they file their taxes next year.
The state currently has a tax policy called the Individual Shared Responsibility Penalty that fines people for not having a health insurance plan if they don’t qualify for certain exemptions. The penalty is in effect for the first time in 2020 after Gov. Gavin Newsom signed Senate Bill 78 last summer, which requires Californians to have health insurance and provides for some state subsidies to help people offset the cost of coverage.
No Health Insurance Due to the Pandemic? Californians Could Face Tax Penalty
