What happens to your taxes when you’re laid off
Losing a job is a major shift in your life, particularly regarding your finances. With that comes some changes in your taxes as well, and not just those related to you earning less income. Severance pay and unemployment, for instance, are taxable and need to be reported, as are payments for any accumulated vacation or sick time paid out on your being let go. Likewise, unemployment benefits are taxable and should be included in your gross income at year’s end.
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Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.