Francisco Ramirez, President, Insuringmyself.com LLC
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Straight from the source... "If you can afford health insurance but choose not to buy it, you must have a health coverage exemption or pay a fee. (The fee is sometimes called the "penalty," "fine," "individual responsibility payment," or "individual mandate.")
The fee for not having coverage in 2015
If you don’t have coverage in 2015, you’ll pay the higher of these two amounts:
- 2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,150 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a Bronze plan.
- $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975."
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n actuality there is no "real" penalty! When The ACA was passed,congress never authorized the IRS to "chase you for the fee. The only way that the IRS can get your penalty/fine/fee from you is A) You're dumb enough to simply hand it over! or B) They can deduct it from your federal tax return! So....my advice.....simply fill out your W/4 forms correctly to ensure you don't have a tax return coming to you! I usually end up paying them less than $100 each year! Look it up if you don't believe me!!!