Fewer applying for 'Obamacare' tax penalty exemption - KWWL - Eastern Iowa Breaking News, Weather, Closings

Fewer applying for 'Obamacare' tax penalty exemption

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(NBC) -

The Affordable Care Act required nearly all Americans to have some form of health insurance in 2014 or pay a tax penalty. 

Millions of Americans could avoid that penalty but many won't bother, according to a new report. 

Intuit, the company behind the popular tax preparations software "Turbo Tax," said it estimates 20 million or more of the 40 million people who didn't have health insurance last year may be exempt from the Obamacare tax penalty for failing to have health insurance. 

But according to Intuit, more than 19 out of 20 people haven't applied for an exemption, meaning millions will pay more in taxes than they should. 

Intuit said the average Obamacare tax penalty for 2014 will be $301. 

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