Will I get Fined for Not Having Health Insurance?

GoHealth The COSTLY FINE For Going UNINSURED Virtually all Americans are now required to get health insurance. If you choose to go uninsured in 2015, you will either owe a fine of 2 percent of your yearly household income, or $325 per adult and $162.50 whichever is greater. In many cases, 2 percent of income proves to be much greater than the flat fee. 'per child, Figuring out what you owe can be complicated. We break down the math in two real-life examples to show you just how much your fine could be for going uninsured. MEET JIM. Yearly Income: $40,000 Filing Threshold": $10,150 Marital Status: Single How does Jim calculate his fine? $40,000 $10,150 = $29,850 (HOUSEHOLD INCOME) (FILING THRESHOLD) (TOTAL) 2% oF $29,850 = $597 INDIVIDUAL FLAT FEE = $325 |3D Jim's Fine → $597 > $325 MEET EDUARDO & JULIA. Yearly Income: $70,000 Filing Threshold": $20,300 Marital Status: Married Family Composition: 2 adults & 2 children How do Eduardo and Julia calculate their fine? $70,000 $20,300 = $49,700 (HOUSEHOLD INCOME) (FILING THRESHOLD) (TOTAL) 2% oF $49,700 = $994 %3D ($325 X 2) + ($162.50 X 2) = $975 $994 > $975 Eduardo & Julia's Fine *Filing threshold based on 2014 data Source: http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsi bility-Provision-Calculating-the-Payment Source: http://www.irs.gov/pub/irs-pdf/p5185.pdf GoHealthInsurance.com