If you’re not eligible for an exemption, you’ll have to pay a penalty if you don’t have either of these:<\/p>\n
This is known as the shared responsibility payment. If you’re only covered for part of the year, it can be prorated to apply only to the months you aren’t insured or exempt.<\/p>\n
Remember, paying the shared responsibility payment doesn’t mean you now have health insurance<\/b>. You’ll still be responsible for all of your medical costs, plus the penalty.
\nThe shared responsibility payment for not having insurance is calculated two ways. You’ll pay either a percentage of your household income or a flat fee — whichever is higher<\/b>.<\/p>\n
Figuring your penalty<\/b><\/p>\n
The penalty for not having insurance for 2015 will be the larger<\/b> of these:<\/p>\n Future rates<\/b><\/p>\n You’ll pay whichever of these is less:<\/p>\n If you qualify for an exemption, you won’t have to pay the shared responsibility payment. To learn more, see the Exemptions From the Shared Responsibility Payment <\/b>tax tip.<\/p>\n","protected":false},"excerpt":{"rendered":" If you’re not eligible for an exemption, you’ll have to pay a penalty if you don’t have either of these: Minimum essential coverage Qualifying health insurance This is known as the shared responsibility payment. If you’re only covered for part of the year, it can be prorated to apply only to the months you aren’t […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,53],"tags":[],"class_list":["post-20559","post","type-post","status-publish","format-standard","hentry","category-irs","category-tax-responsibilities"],"acf":[],"yoast_head":"\n
\nEx: If a family of four (two adults and two children under age 18) making $62,000 was uninsured for the entire year, they would pay a penalty of $828. Let’s look at how we determined this amount:<\/p>\n\n
\n
\n