10 Tax Law Changes You Should Definitely Know Before Filing a Return in 2020

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9. No Penalty for Lacking Health Insurance

A fundamental and quite controversial component of the Affordable Care Act was its individual mandate, whereby taxpayers who didn’t have health insurance or qualify for an exemption were required to pay up to 2.5% of taxable income for their noncompliance.

Taking effect this year, the Tax Cuts and Jobs Act removed this penalty from annual tax returns, so anyone who went without health insurance in 2019 won’t get dinged on their 2020 return.

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