2020 Tax Year for Residents of Vermont
This is a reminder regarding the new state-level individual insurance mandate (similar to the Affordable Care Act) that was passed by the Vermont legislature in 2019. As a result of the recently passed legislation, a task force was formed and was assigned to create a penalty for non-compliance with the new mandate and to explore potential exemptions. House Bill 524 — a bill to create a penalty and allow for some exemptions to the individual insurance mandate — was introduced by the House Health Committee.
While the committee declined to provide an exemption from the requirements of the individual mandate for members of health care sharing ministries, such as Samaritan Ministries, we are thankful that the penalty was eventually removed, so for tax year 2020, members of Samaritan Ministries will not be required to pay a penalty for not having individual health insurance.
If you are filing 2020 taxes for the State of Vermont, link to income tax Form IN-111 and instruction booklet or download the PDF below for detailed instructions and samples of tax forms.
This is an informational service only for members of SMI and is not tax advice.
For tax advice, please contact your tax adviser.