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
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
No comments:
Post a Comment