Broker Check

ACA Penalties

How much will my penalty be for not buying health insurance?

  • Penalties were first calculated with the filing of the 2014 tax returns filed in 2015
  • You may be exempt from a penalty.  IRS released draft form 8965 "Health Coverage Exemptions"
  • Penalties are calculated on a monthly basis.  If you are only covered for 3 months, penalty for those months will not be assessed.
  • For the 2015 tax year, being filed in 2016, the penalty is the greater of $325 per uninsured adult and $162.50 per child (up to $975 for a family) or 2% of family income above the filing threshold.
  • For the 2016 tax year, being file in 2017, the penalty is $695 per uninsured person or 2.5% of house income over the filing threshold.
 
 

Have A Question?







Thank you! Oops!

Recommended Content

Raise Your Retirement Income

Retirees look for ways to convert savings and investments into regular income. One option to consider is an annuity.

Apps That Help Achieve Goals

If you find it hard to attain personal life goals, there’s an app for that!

16 Wall Street Cliches in 60 Seconds

Pundits say a lot of things about the markets. Let's see if you can keep up.