Tax penalties for non-compliance of healthcare coverage requirements
There’s a tax penalty for non-compliance if you are required to have coverage. The penalty starts off pretty small and can vary depending on your income. See the table below for a breakdown of the amounts.
|2014||$95 – $285|
|2015||$325 – $975|
|2016||$695 – $2,085|
Remember, these are the annual penalties; you’ll pay less if you have coverage during some months of the year. There are no civil or criminal penalties associated with the health care coverage penalty, no interest will accrue and no liens or seizures will be imposed; however, the IRS will take the penalty out of your refund.
Similar healthcare questions answered
- Am I required to have health care coverage?
- Who is exempt from the health care coverage requirement?
- How do I get help in paying for health insurance?
- What happens if I don’t comply with the requirement to have health care coverage?
- What are investment and medical surcharges?
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Tucson Tax Team
6111 E. Grant Rd.
Tucson, AZ 85712
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