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For tax year 2017, the tax penalty is 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, up to a maximum of $2,085. For tax year 2018 and beyond, the tax penalty amounts have not been announced, but are expected to increase.
(as of Aug 30, 2017)
Do you own any of the following?:
- Home - Retirement funds - Car / Truck - Checking / Savings accounts
- Property - Personal property - Assets - 401k / IRA / 403b / Etc.
Penalty Examples: Why pay the penalty and risk it?
1 Adult - $695/year ($27,800 income) Penalty = $57.91/month
2 Adults - $1,390/year ($55,600 income) Penalty = $115.83/month
2 Adults + 2 kids: $2,085/year (Approx $80K income) Penalty = $173.75/month
$50K income = $1,250 (or $104/month) $100K income = $2,500 (or $208/month)
$347.50 x 6 kids max = $2,085/year
Individuals: For the 2014 tax year (reported/filed in 2015), individuals who did not have insurance would owed $95, or 1 percent of income, whichever is greater. For the 2015 tax year it rose to the greater of $325 or 2 percent of income. But the penalty for 2016 rose yet again, reaching $695, or 2.5 percent of income, whichever is greater. From 2017, the minimum tax penalty per person will rise each year with inflation. Estimates are provided on the table above and it is likely 2017 penalties and maximums will remain the same as 2016 given the low inflation environment. And for children 18 and under, the minimum per-person tax is half of that for adults ($47.50). The tax penalty is pro-rated, so that a person who is not covered for only a single month would pay 1/12th of the tax that would be due for the full year.
Families: For families the 2014 health insurance non-compliance penalty was capped at $285 per family, or 1% of income, whichever is greater. In 2015 it rose to the greater of $975 or 2 percent of income. For 2016, the penalty jumped sharply to $2,085 per family, or 2.5% of income, whichever is greater. From 2017, the penalty/tax will rise in line with inflation. The minimum amount per family is capped at triple the per-person tax, no matter how many individuals are in the taxpayer’s household. So, for example, a couple with one child over 18 (or two children age 18 or under), and no coverage, would pay a minimum of $285 in 2014, $975 in 2015 and $2,085 in 2016. And that would be the minimum no matter how many uninsured dependents a taxpayer has.
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