How the Health Insurance Mandate Penalty Will Work

(U.S. News & World Report) Beginning with their 2014?federal taxes, many consumers who can afford health insurance but decide not to buy it will owe penalties to the IRS when they file their taxes in the spring of 2015?

There is a long list of people who do not have health insurance but will not face a penalty on non-financial grounds: ?????????? between jobs and without insurance for up to three months ?????????? have religious objections ?????????? are an undocumented immigrant ?????????? are in jail ?????????? are a member of an Indian tribe The financial tests to avoid a penalty include having family income that is too low to require filing a federal tax return. Using 2010 rules, this would be less than $9,350 for an individual and $18,700 for a family. Higher-earning households may also be exempted from penalties for not buying health insurance if their out-of-pocket cost for private health insurance is more than 8 percent of their taxable income. This amount is for any additional cost after subtracting employer healthcare insurance contributions.

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Source: http://www.manyyearsyoung.com/2012/07/how-health-insurance-mandate-penalty.html

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