Don’t let this one get out of hand
|
A part of the Affordable Care Act is the enactment of a tax penalty if you or your family does not have qualified health insurance coverage for the entire year. The new tax penalty, called the “shared responsibility payment” impacts taxpayers beginning in 2014. While the payment may have been manageable in 2014, it is going up quite a bit in 2015. Here is what you need to know.
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
| Note: If premiums are more than 8% of household income or the gap in coverage is less than three consecutive months or there is an approved hardship then the shared responsibility payment could be reduced.
|
||||||||||||||||||||||||||
Action to take
|
||||||||||||||||||||||||||
