Storage Auctions

Health Care Tax Penalties

Offline Travis

  • *****
  • 5442
  • Every storage unit he buys yields treasure.
    • View Profile
    • AuctionsTX.com
    • Email
Health Care Tax Penalties
« on: January 01, 2015, 11:27:58 PM »
Has anyone looked into how not having health insurance will effect taxes this year?

Offline alloro

  • *****
  • 2330
    • View Profile
Re: Health Care Tax Penalties
« Reply #1 on: January 02, 2015, 03:36:38 AM »
It won't affect anyone's taxes at all. By not having insurance you pay a penalty, not additional taxes.

Offline Alias300

  • ******
  • 1196
    • View Profile
Re: Health Care Tax Penalties
« Reply #2 on: January 31, 2015, 02:36:09 PM »
It won't affect anyone's taxes at all. By not having insurance you pay a penalty, not additional taxes.

Sure looks like a tax and the Supreme Court found that penalties the law places on people who don't buy health insurance count as a tax protected by the Constitution.....thus defining it as a tax.

If you are not covered by health insurance during 2014, you will owe a tax fee that is known as the individual shared responsibility payment payable at the time you file your 2014 Tax Return.

For 2014, the payment will be either the Flat Fee OR the Percentage of Household Income, whichever method is higher -

1. The Flat Fee for 2014 is $95.00 per adult and $47.50 per child, but not over the maximum of $285 per family.

2. The Percentage of Household Income for 2014 is 1% of your taxable income over the minimum filing amount for your filing status, but not over the average cost for the bronze level health plan available through the Marketplace in 2014. Here are the 2014 average costs for bronze level coverage:

- $204 per month for an individual (or $2448 annual)

- $1020 per month for a family with 5 or more members (or $12,240 annual)


xx
Health Care Items

Started by MovieMan

9 Replies
1464 Views
Last post February 21, 2013, 10:16:03 AM
by craiglstauction
xx
why no one will care if its fake or not

Started by fredgsanford

1 Replies
782 Views
Last post January 04, 2013, 06:26:02 PM
by Findingtreasure
xx
How do you feel about Obama Care

Started by Travis

19 Replies
2958 Views
Last post August 01, 2013, 06:17:52 PM
by HomeGrownPromos
xx
Do you care who wins the unit?

Started by rockin the retro

31 Replies
3979 Views
Last post February 18, 2012, 11:36:19 PM
by monkeybusiness