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

Consider These 3 Things Before Driving Off the Lot

There are a few things to consider when buying or leasing your next vehicle.

Fallen Tree Damage—Who Pays?

Your liability for damages that occur when a tree on your property falls on your neighbor’s property is not clear cut.

Should You Tap Retirement Savings to Fund College?

There are three things to consider before dipping into retirement savings to pay for college.