- 8,448
October 6, 2015
Under the Affordable Care Act, most Americans are required to minimum essential coverage health insurance. When you file your taxes in April, you'll have to report whether or not you enrolled by the deadline.
To avoid a tax penalty for 2015, the enrollment deadline for most people was February 15, 2015. For 2016, you must get covered by January 31, 2016.
If you don't get "minimum essential coverage" and you don't qualify for an exemption, you'll have to pay a penalty when you file your tax return. The official name for this penalty is the "individual shared responsibility payment".
Calculating the Obamacare Tax Penalty
For 2015, the penalty for going without health insurance is $325 per adult plus $162.50 per child (up to a maximum of $975 per family) or 2% of annual household income, whichever is greater. You'll make this payment when you file your taxes in April 2016.
For 2016, the fee will jump to $695 per adult plus $347.50 per child (with a maximum of $2,085) or 2.5% of family income, whichever is greater. The fee will continue to increase each year until you get coverage.
For purposes of determining the penalty, "income" is defined as what your household earns in excess of the income-tax filing threshold. For 2015, the threshold is $10,300 for an individual and $20,600 for married couples filing jointly.
For Complete Information, Visit: Individual Shared Responsibility Provision
ac
Under the Affordable Care Act, most Americans are required to minimum essential coverage health insurance. When you file your taxes in April, you'll have to report whether or not you enrolled by the deadline.
To avoid a tax penalty for 2015, the enrollment deadline for most people was February 15, 2015. For 2016, you must get covered by January 31, 2016.
If you don't get "minimum essential coverage" and you don't qualify for an exemption, you'll have to pay a penalty when you file your tax return. The official name for this penalty is the "individual shared responsibility payment".
Calculating the Obamacare Tax Penalty
For 2015, the penalty for going without health insurance is $325 per adult plus $162.50 per child (up to a maximum of $975 per family) or 2% of annual household income, whichever is greater. You'll make this payment when you file your taxes in April 2016.
For 2016, the fee will jump to $695 per adult plus $347.50 per child (with a maximum of $2,085) or 2.5% of family income, whichever is greater. The fee will continue to increase each year until you get coverage.
For purposes of determining the penalty, "income" is defined as what your household earns in excess of the income-tax filing threshold. For 2015, the threshold is $10,300 for an individual and $20,600 for married couples filing jointly.
For Complete Information, Visit: Individual Shared Responsibility Provision
ac
