Health Care Tax Penalties

Has anyone looked into how not having health insurance will effect taxes this year?

It won't affect anyone's taxes at all. By not having insurance you pay a penalty, not additional taxes.

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)