| What are the Penalties for Taxpayers who remain uninsured in 2014?
According to the new Health Reform Law recently upheld in the Supreme Court, starting in 2014, the following are penalties that are imposed on taxpayers according to their filing status as shown below;
1) Single Taxpayers
For Single Individuals who remain uninsured will owe a penalty equal to $95 or 1% of the income above the filing threshold, (that is the minimum income earned that requires the filing of income tax return).
2. For Married Filing Joint Taxpayers, (Joint Filiers)For Joint Filiers Individuals who remain uninsured, their Penalty will be held at a maximum of $285.00
But, in 2016, the maximum fine will reach $2,085. Clearly, Congress intends that all taxpayers have some sort of insurance by 2016, and in order to seek compliance has increased the fines and penalties for the uninsured for subsequent years. However, the Lower and Middle Class taxpayers will have some relief in the form of Income tax credit that will offer some relief against the high cost of health insurance premiums .
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