Broker Check

ACA Penalties

Will I still pay penalty be for not buying health insurance in 2018?

  • Yes, the penalty for not having insurance has been repealed for tax years 2019 and later.
  • You may be exempt from a penalty.  Form 8965 "Health Coverage Exemptions" must be filed to claim an exemption.
  • 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 2017 tax year, being filed in 2018, the penalty is the greater of $695 per uninsured adult and $347.50 per child (up to $2,085 for a family) or 2.5% of family income above the filing threshold.
  • For the 2018 tax year, being file in 2019, the penalty is at least $695 per uninsured person or 2.5% of house income over the filing threshold.
 
 

Have A Question?







Thank you! Oops!

Recommended Content

An Arm and a Leg

A visit to the hospital can be painful, for both your body and your wallet. Don’t let it be more painful than it has to be.

What Is an Annuity?

Annuities are versatile tools that can help you save for retirement and generate income in retirement.

Where Is the Market Headed?

We all know the stock market can be unpredictable. We all want to know, “What’s next for the financial markets?”