Millions to Owe Hundreds of Dollars in Obamacare Tax Penalties This Year
Photo Credit: NewscomSome 3 million to 6 million Americans will have to pay an Obamacare tax penalty for not having health insurance last year, Treasury officials said Wednesday. It’s the first time they have given estimates for how many people will be subject to a fine.
The penalty is $95, or 1% of income above a certain threshold (roughly $20,000 for a couple). So you could end up owing the IRS a lot of money.
Take a married couple with $100,000 in income – their bill comes to $797, according to the Tax Policy Center ACA penalty calculator.
The penalty for remaining uninsured rises to the larger of $325 or 2% of income in 2015.
As millions of Americans sit down in coming weeks to compile their tax returns, they’ll have to contend with Obamacare’s health insurance mandate for the first time. (Read more about the Obamacare tax penalty HERE)
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