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.

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