Will I Be Fined For Not Having Health Insurance?

  1. 5527 POINTS
    Marlin McKelvy
    President, Consumer Directed Benefit Solutions, Memphis, Tennessee
    Under the requirements of the Affordable Care Act (ObamaCare) as of January 1, 2014, with limited exceptions Americans are required to have major medical insurance that meets the requirements of the Affordable Care Act.  If you do not have such coverage in effect then you will be subject to a tax penalty when you do your 2015 taxes in 2015.  The penalty for 2014 is $95 per adult & $47.50 per child (up to $285 per family) or 1% of your Adjusted Gross Income, whichever is greater.  This tax penalty will increase in subsequent years.  However, the tax penalty can only be recovered by the IRS from an income tax refund that an individual or family is entitled to.  Your bank account or wages cannot be garnished by the IRS to assess the tax penalty.
    Answered on July 20, 2014
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