Monday, September 29, 2014

Good news: You can opt out of Affordable Care Act. Bad news: the penalty is large ($12,000 for family of five)

For a family of five, the penalty could be as high as $12,240 for the 2014 tax year, experts say. And for many people, the penalty will rise sharply in 2015 and 2016.
The massive health-care changes passed in 2010 are phasing in, and this is the first year most Americans must have approved health insurance. Those who don't will owe a penalty under the Individual Shared Responsibility Provision. It's due with your income taxes, payable by April 15, 2015.
Article here (via taxprof blog). 

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