Loading ...It’s the first year all taxpayers have to report to the Internal Revenue Service whether they had health insurance for the previous year, as required under President Barack Obama’s law. Those who were uninsured face fines, unless they qualify for one of about 30 exemptions, most of which involve financial hardships.
Dayna Dayson of Phoenix estimates that she’ll have to pay the taxman $290 when she files her federal return. Dayson, who’s in her early 30s, works in marketing and doesn’t have a lot left over each month after housing, transportation and other fixed costs. She’d like health insurance but she couldn’t afford it in 2014, as required by the law.
“It’s touted as this amazing thing, but right now, for me, it doesn’t fit into my budget,” she said.
What many people don’t realize is that the penalties go up significantly in 2015. Only 3 percent of uninsured people know what the fine for 2015 will be, according to a recent poll by the nonpartisan Kaiser Family Foundation.
Figuring out your potential exposure if you’re uninsured isn’t simple.
For 2014, the fine is the greater of $95 per person or 1 percent of household income above the threshold for filing taxes. It will jump in 2015 to the greater of 2 percent of income or $325. By 2016, the average fine will be about $1,100, based on government figures.
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