If you were uninsured in 2014 you will be one of the millions of Americans who will face penalty fines this tax season--and you can blame ObamaCare for that.
The federal government as estimated that 3 million to 6 million Americans will have to pay up, reports CNN Money. The fine’s price tag is $95, or 1 percent of income above a certain threshold, which is roughly $20,000 a couple. Translation: the IRS will be snatching your coins big time if you didn’t have health insurance last year.
To put the 1 percent of income penalty in perspective, a couple with $100,000 income will be fined $797, CNN points out, and the penalty for remaining uninsured rises to $325 or 2 percent of income in 2015.
For the first time since the Affordable Care Act was passed Americans will be faced with Obamacare’s health insurance mandate as they sit down in coming weeks to compile their tax returns.
CNN Money reports:
Some three-quarters of the nation's 150 million taxpayers have health insurance through their jobs or government programs and will simply have to check a box on the Form 1040.
Another 15 million to 30 million people will request and be granted an exemption to the mandate by filing Form 8965. Those who aren't subject to the insurance requirement include undocumented immigrants, low-income Americans and those for whom insurance premiums were more than 8% of their household income.
Finally, between 4.5 million and 7.5 million taxpayers received subsidies for insurance premiums when they signed up for coverage on Obamacare exchanges. They will have to use Form 8962 to reconcile their actual 2014 income with the amount they estimated when they applied for a policy in late 2013 or early 2014.
Word to the wise, you’re currently not insured you may want to weigh your options. For more information on Obamacare and how you can learn more about your personal health care, visit www.healthcare.gov.