Another Shoe Drops On ObamaCare Tax Penalty
Those Americans who didn't get health insurance last year could be in for a rude
awakening when the IRS asks them to fork over their ObamaCare penalty — and it
could be a lot more than the $95 many of them may be expecting.
(Washington Times) The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household income as their penalty.
TurboTax, an online tax service, estimated that the average penalty for lacking health insurance in 2014 will be $301.
"People would hear the $95, quit listening, and make an assumption that that was what their penalty was going to be," said Chuck Lovelace, vice president of affordable care for Liberty Tax Service. "I think that a lot of people will be surprised when they get in there and find out that their penalty is [based] on their household income.".
Read The Full Story
(Washington Times) The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household income as their penalty.
TurboTax, an online tax service, estimated that the average penalty for lacking health insurance in 2014 will be $301.
"People would hear the $95, quit listening, and make an assumption that that was what their penalty was going to be," said Chuck Lovelace, vice president of affordable care for Liberty Tax Service. "I think that a lot of people will be surprised when they get in there and find out that their penalty is [based] on their household income.".
Read The Full Story
He can take his penalty & stick it up his little south forty.
ReplyDelete