Will You Owe an Insurance Tax Penalty? Tax Penalty At-a-Glance: Who Will Pay & How Much
By law, you need to have health insurance by 2014. If you already get insurance through your employer or your partner's employer, you're all set. But what happens if you don't follow this requirement from the Affordable Care Act?
Who Has to Pay and How Much Is It?
If you can afford health insurance and don't buy it, you'll pay a fine when you file your 2014 income taxes in April 2015. For the first year of the new law, 2014, the fine for not having insurance is the lowest it will be. After that, it goes up steeply in 2015 and again in 2016.
In 2014: There are two ways the government calculates what you owe. You have to pay whichever amount is higher. One way is to charge you $95 for each adult and $47.50 for each child, but not more than $285 total per family. The other way is to fine you 1% of your family income. If your family makes $50,000 a year, the fine will be $500.
Read Rest of Article ›
http://www.webmd.com/health-insurance/insu...
Who Has to Pay and How Much Is It?
If you can afford health insurance and don't buy it, you'll pay a fine when you file your 2014 income taxes in April 2015. For the first year of the new law, 2014, the fine for not having insurance is the lowest it will be. After that, it goes up steeply in 2015 and again in 2016.
In 2014: There are two ways the government calculates what you owe. You have to pay whichever amount is higher. One way is to charge you $95 for each adult and $47.50 for each child, but not more than $285 total per family. The other way is to fine you 1% of your family income. If your family makes $50,000 a year, the fine will be $500.
Read Rest of Article ›
http://www.webmd.com/health-insurance/insu...
