obamacare 2.0_2

Were you uninsured in 2014? It's time to pay the piper!

Some 3 million to 6 million Americans will have to pay an Obamacare tax penalty for not having health insurance last year, Treasury officials said Wednesday. It's the first time they have given estimates for how many people will be subject to a fine.

The penalty is $95, or 1% of income above a certain threshold (roughly $20,000 for a couple). So you could end up owing the IRS a lot of money.

Take a married couple with $100,000 in income - their bill comes to $797, according to the Tax Policy Center ACA penalty calculator.

The penalty for remaining uninsured rises to the larger of $325 or 2% of income in 2015.

Related: Obamacare 2.0 sign ups hit 9.5 million

As millions of Americans sit down in coming weeks to compile their tax returns, they'll have to contend with Obamacare's health insurance mandate for the first time.

Some three-quarters of the nation's 150 million taxpayers have health insurance through their jobs or government programs and will simply have to check a box on the Form 1040.

Another 15 million to 30 million people will request and be granted an exemption to the mandate by filing Form 8965. Those who aren't subject to the insurance requirement include undocumented immigrants, low-income Americans and those for whom insurance premiums were more than 8% of their household income.

Related: Obamacare tax surprise looming

Finally, between 4.5 million and 7.5 million taxpayers received subsidies for insurance premiums when they signed up for coverage on Obamacare exchanges. They will have to use Form 8962 to reconcile their actual 2014 income with the amount they estimated when they applied for a policy in late 2013 or early 2014.

Those who underestimated their income either will receive smaller tax refunds or will owe the IRS money.

Treasury officials declined to forecast how many people may be in this situation. But H&R Block projects 3.4 million taxpayers will have to pay back part of their premiums.

Of course, those who overestimated their 2014 income may get a healthier-than-expected refund. And some will see no change.

tax credit instory

http://money.cnn.com/2015/01/28/news/economy/obamacare-tax-penalty/

Views: 380

Replies to This Discussion

I hope this translates into "Millions Rise-Up & Overthrow This Corrupt System Of Government Cause They've Had Enough & Aren't Willing To Take Anymore Ass-Raping'.

RSS

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted a blog post
1 hour ago
Doc Vega posted blog posts
12 hours ago
rlionhearted_3 posted a photo
13 hours ago
Doc Vega commented on Doc Vega's blog post And on November 5th The People Spoke!
"cheeki kea Ha! Good one!"
19 hours ago
Doc Vega commented on tjdavis's video
19 hours ago
Doc Vega favorited tjdavis's video
19 hours ago
cheeki kea commented on Doc Vega's blog post And on November 5th The People Spoke!
"Congrats to Trump club and let the memes begin.... first ones off the block emerge as follows.."
20 hours ago
Doc Vega posted blog posts
yesterday
Doc Vega posted a blog post

The State of Being

The State of Being Who really cares?Are you really there?When life’s too much to bareWith all the…See More
Tuesday
Doc Vega posted blog posts
Sunday
cheeki kea commented on cheeki kea's video
Sunday
cheeki kea posted a video

Ivermectin and Cancers

Ivermectin, a potential anticancer drug derived from an antiparasitic drug https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7505114/Mechanisms of actionIVM induc...
Sunday
cheeki kea commented on tjdavis's blog post Call For Israel To Join Five Eyes
Sunday
tjdavis posted a video

David Gilmour with Romany Gilmour - Between Two Points (Later... with Jools Holland)

David Gilmour with Romany Gilmour perform Between Two Points on Later... with Jools Holland. Watch more Later... with Jools Holland on BBC iPlayer: bbc.co.uk...
Sunday
Sandy posted a video
Sunday
tjdavis commented on tjdavis's blog post Call For Israel To Join Five Eyes
Sunday
tjdavis posted a blog post
Sunday
Doc Vega posted a blog post
Nov 1
Less Prone commented on Less Prone's photo
Thumbnail

NATO KB FINLAND

"Finland is being pushed into a totally unnecessary war. Russia hasn't been a thread to us for…"
Nov 1
tjdavis favorited Doc Vega's blog post A Parallel Society May be the only Plausible Solution to the Division in the US
Oct 31

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted