- 892
Is this True About Not Signing Up During a SEP?
- Thread starter sam816
- Start date
- 4,707
You do know that everyone here knows your exact income (+/- $100) just by knowing the penalty, right?
(?) x 2% = $220
Math must not be our specialty.
First, 2% of $110,000 is $2200, not $205.
Second there is no way that he could have paid a $205 penalty!
For 2016, the penalty is THE GREATER OF:
* $695 per adult + $347.50 per child (up to $2,085 per family), OR
* 2.5% of your Modified Adjusted Gross Income that is higher than the tax-filing threshold.
So, at a bare minimum the penalty is $695.
For 2015 the penalty is THE GREATER OF:
* $325 per adult + $162.50 per child (up to $975 per family), OR
* 2% of your Modified Adjusted Gross Income that is higher than the tax-filing threshold.
So, even in 2015 you would have had a $325 penalty at the very least.
- 4,132
Well all well and good that the guy doesn't want to carry health insurance. It's a risk.
I bought health insurance and disability for that matter.
When I blistered my feet the last day of July 2014 I thought no big deal, they'll heal up, I'm a big strong guy.
I have been walking for 8 weeks now with my new foot. The amputated foot blisters super easy now and trust me, any injury to your amputation freaks you out, cause the next one would be below the knee.
I joined the 250k in medical bills club in 2015, so were not counting the dollars in 2014 for all the work done then too. So I may be above 300k. My cost for 2015 was 5k. insurance picked up the rest.
So to the guy who grosses 110k and goes without any health insurance.. better make sure you never get a blister. Cause if it doesn't heal, and I imagine you don't carry disability insurance either or for your business, it wouldn't take much to put you on the street.
Cheers. Just giving you a real life and what can happen. Never thought something like that would happen to me, but sure as shite, it did. good luck.
I bought health insurance and disability for that matter.
When I blistered my feet the last day of July 2014 I thought no big deal, they'll heal up, I'm a big strong guy.
I have been walking for 8 weeks now with my new foot. The amputated foot blisters super easy now and trust me, any injury to your amputation freaks you out, cause the next one would be below the knee.
I joined the 250k in medical bills club in 2015, so were not counting the dollars in 2014 for all the work done then too. So I may be above 300k. My cost for 2015 was 5k. insurance picked up the rest.
So to the guy who grosses 110k and goes without any health insurance.. better make sure you never get a blister. Cause if it doesn't heal, and I imagine you don't carry disability insurance either or for your business, it wouldn't take much to put you on the street.
Cheers. Just giving you a real life and what can happen. Never thought something like that would happen to me, but sure as shite, it did. good luck.
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