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My son has no medical insurance. earned 12000 last year then…

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my son has no medical...
my son has no medical insurance. earned 12000 last year then unemployed last six months what kind of penalty on income tax will he get for no insurance
Submitted: 2 years ago.Category: Finance
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Answered in 2 hours by:
1/30/2016
Financial Professional: Rakhi Vasavada, Financial and Legal Consultant replied 2 years ago
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4,552
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

If you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (The fee is sometimes called the "penalty," "fine," or "individual mandate."). You pay the fee when you file your federal tax return for the year you don’t have coverage.

Having said this, The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.

Percentage of income
=>2.5% of household income
=>Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Per person
=>$695 per adult
=>$347.50 per child under 18
=>Maximum: $2,085

Using the percentage method, only the part of your household income that’s above the yearly tax filing threshold ($10,150 for individuals, $20,300 for couples filing jointly in 2014, the most recent year available) is counted.

Using the per-person method, you pay only for people in your household who don’t have insurance coverage.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

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