Obamacare Penalties: Final Answer

From the latest IRS ruling on the Individual Mandate the Obamacare penalties for not purchasing a qualified plan are:

  • 2014: Greater of $95 per adult and $47.50 per child under age 18, maximum of $285 per family, or 1% of income over the tax-filing threshold
  • 2015: Greater of $325 per adult and $162.50 per child under age 18, maximum of $975 per family, or 2% over the tax-filing threshold
  • 2016: Greater of $695 per adult and $347.50 per child under age 18, maximum of $2,085 per family, or 2.5% over the tax-filing threshold

If the penalty applies for less than a full calendar year, the penalty will be 1/12 of the annual amount per month without coverage

 

 

Share

Leave a Reply

Your email address will not be published. Required fields are marked *