So, what are YOU doing with income tax refund next year? If you dont sign up for health coverage under the Affordable Care Act, your family will face a penalty of $95 per person, or 1 percent of your income, depending on which is higher. If you dont get coverage THIS year, that penalty will be taken out of yourr tax refund in early 2015. What does this mean? Heres an example. If your family of four makes $50,000 per year, and you dont have health insurance that qualifies under the ACA, you will be paying $2,000 as your penalty for non-compliance under the Affordable care act. The penalty this year is $95 per person, or 1% of income per person.....whichever is HIGHER. So if you would normally get a refund of $3,200 bucks, youll only be getting $1,200. What if your penalty is MORE than you refund? Well, as of now you cannot be billed for the deficit, BUT, dont worry - the IRS hired lots of new workers for as-yet-unspecified duties. Theyll get it from you.....eventually. Enjoy the hope and change you voted for.
Posted on: Sat, 15 Nov 2014 21:08:25 +0000
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