Don’t have any health insurance and not intending to get any as well? Well, it’s better if you do get some, because the fine every tax payer will have to pay for not having insurance is set to rise quite sharply! The mandate that everyone should have health insurance was put into effect this year, and for those in default, the fine will be $95 per person or 1 percent of the taxpayer’s household income. However, next year if you do not have any health insurance then the fine will rise to $325 or 2 percent of the taxpayer’s income. As a taxpayer, you will have to report your health insurance status to the Internal Revenue Service. Of course, with the Republicans about to come in power, this policy may be undercut.
Tens Of Millions In America Do Not Have Health Insurance
In America, tens of millions of people still do not have health insurance. There is still some debate on who will be fined, as there are 30 kinds of exemptions listed. There is a chance that most people will take advantage of the loopholes mentioned, and not get any health insurance. According to tax preparation giant H&R Block, 4 million uninsured people will pay penalties and 26 million will qualify for exemptions from the list of waivers mentioned.
‘Affordable Care Act Penalty Calculator’ To Help People Calculate Loss
To check if one is exempted from having a health insurance, one can look up the "Exemption Check from TurboTax. Charges apply if a taxpayer uses the free online tool to file their returns. There is also a Tax Policy Center's Affordable Care Act penalty calculator available on the IRS site that will help you check if you have to pay a fine, and if yes, then how much.