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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3375
Experience:  Over 20 Years experience
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I am much concerned with the ObamaCare $1200 Tax health care

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I am much concerned with the ObamaCare $1200 Tax health care penalty new law starting in 2014 and I learn that this won't affect 98% of Americans.
I and my wife have Medicare Part A & B coverage but did not buy Part D prescription plan because we spent only a few hundred dollars in prescription annually. The Part D premium would be much higher than this amount. Our annual income is only around $50,000 and have no other health insurance besides Medicare. Are we within the 98% group Americans not required to pay tax penalty.
Thank you very much.

R. Klein, EA :

The penalty does not affect those on Medicare, and for the most part, has no effect on an Americans after retirement age. Only those persons of working age are required to participate.

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