Tuesday, December 30, 2014

ACA TAX PENALTIES TO RISE IN 2015, 2016


ACA tax penalties to rise in 2015, 2016
People who opt out of health insurance coverage as required under the Affordable Care Act will face average fines of either $325 or 2% of income in 2015 and about $1,100 in 2016. The Internal Revenue Service will collect the penalties, which for 2014 are set at either $95 per person or 1% percent of household income above the tax-filing threshold. About 26 million people qualify for one of the many exemptions, but they might not be aware exemptions exist, tax experts say. Star Tribune (Minneapolis-St. Paul, Minn.)/The Associated Press

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