If we do not purchase Obamacare what amount will be be taxed if our family total income is $175,000?
TaxConnections Members... Answer This Question
Want To be One of Our Tax Experts? Register Here
Tax Professional Answers
Chuck Heyde, CPA, CGMA
The penalty will be the greater of a flat fee amount (for each individual not covered by health insurance) or a percentage of household income over a threshold amount. For applicable individuals who are at least age 18, the maximum applicable annual dollar amount is $95 for 2014, $325 for 2015, and $695 for 2016 and later years.
Leave a Comment
556 weeks ago
Source: www.GEMMS.us - http://us4.campaign-archive1.com/?u=e4d6a6c26fb70231c83d89076&id=2e34676401" style="font-size:10pt;">http://us4.campaign-archive1.com/?u=e4d6a6c26fb70231c83d89076&id=2e34676401