Yes… the penalty for not having medical insurance has increased this tax year. Whereas it was relatively painless on your 2014 income taxes, at about $95 per person, it’s much higher in 2015 and will be even higher in 2016. I will post various scenarios throughout this tax season; but for now, here are just a few of them. Enjoy!
Tax status: Single; No dependents
Approximate Taxable Income: $37,100
# of months without health insurances in 2015: 12
Penalty applied on 2015 tax return: $506.00
Tax status: Single; No dependents
Taxable income: $16,500
# of months without health insurances in 2015: 12
Penalty applied on 2015 tax return: $325.00
Tax status: Married filing joint; No dependents
Income: $67,450
Taxable income: $46,670
# of months without health insurances in 2015: 12
Penalty applied on 2015 tax return: $933.00
Tax status: Head of Household; 1 dependent
Income: $31,720
# of months without health insurances in 2015: 12
Penalty applied on 2015 tax return: $650.00
Tax status: Married filing joint; 2 dependents
Income: $115,000
# of months without health insurances in 2015: 12
Penalty applied on 2015 tax return: $1890.00
Tax status: Single; No dependents
Approximate Taxable Income: $24,350
# of months without health insurances in 2015: 12
Penalty applied on 2015 tax return: $325.00