January 07, 2015
The Tax Man Cometh - ACA & Tax Liability
The “individual mandate” to have health insurance was in effect in 2014. Unless exempted, individuals who did not have insurance for three months or more will have to pay a penalty of $95 per adult and $47.50 per child, or one percent of household income, whichever is greater, with a family cap of $285. These amounts are prorated depending on the period of uninsurance, and will go up in future years.