Don't have health insurance? Get ready to pay up.
The ObamaCare-mandated fines for not having insurance are rising in 2015 -- and for the first time, will be collected by the Internal Revenue Service.
The individual requirement to buy health insurance went into effect earlier this year. But this coming tax season is the first time all taxpayers will have to report to the IRS whether they had health insurance for the prior year.
The fines for the 2014 year were relatively modest -- $95 per person or 1 percent of household income (above the threshold for filing taxes), whichever is more.
But insurance scofflaws face a sharp increase if they don't get covered soon. The fine will jump in 2015 to $325 or 2 percent of income, whichever is higher. By 2016, the average fine will be about $1,100, based on government figures.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
Hopefully, the IRS funding reduction will not allow this to take place.....more hopefully, the Republicans will write legislation to overturn the individual mandate and pass it with enough votes to override the POSOTUS veto!
Then the ACA will collapse of its own weight!
I suggest everyone go to IRS website and fill out this stupid form now to save yourself any hassles later on.
Form 1095B. It's one page and should only take 5 minutes to fill out.
Send off with your returns.
If you do have insurance and don't include this form IRS will deduct the penalty from any money you are due back.
It's the law, nuff said.
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