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<blockquote data-quote="Babagounj" data-source="post: 1503657" data-attributes="member: 12952"><p><a href="http://www.washingtontimes.com/news/2015/jan/18/obamacare-penalty-may-come-as-shock-at-tax-time/" target="_blank">http://www.washingtontimes.com/news/2015/jan/18/obamacare-penalty-may-come-as-shock-at-tax-time/</a></p><p>The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household income as their penalty.</p><p></p><p>TurboTax, an online tax service, estimated that the average penalty for lacking health insurance in 2014 will be $301.</p><p></p><p>The penalty is designed to prod Americans to buy insurance and the penalty for not having it is scheduled to rise considerably: to a $325 minimum or 2 percent of income in 2015, and to a $695 minimum or 2.5 percent of income in 2016.</p></blockquote><p></p>
[QUOTE="Babagounj, post: 1503657, member: 12952"] [url]http://www.washingtontimes.com/news/2015/jan/18/obamacare-penalty-may-come-as-shock-at-tax-time/[/url] The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household income as their penalty. TurboTax, an online tax service, estimated that the average penalty for lacking health insurance in 2014 will be $301. The penalty is designed to prod Americans to buy insurance and the penalty for not having it is scheduled to rise considerably: to a $325 minimum or 2 percent of income in 2015, and to a $695 minimum or 2.5 percent of income in 2016. [/QUOTE]
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