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TurboTax Penalty Calculator

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WHAT IS THE TAX PENALTY FOR INDIVIDUALS?:

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If you already have insurance, then this little widget is silly, but it you don't have insurance, then it will calculate your approximate penalty!

You may already know that starting in 2014 most Americans are required to have health insurance under the Affordable Care Act, but did you know that individuals who do not have health insurance could face a tax penalty in 2015?

Starting 2014, there will be a 3 month grace period from January 1 to March 31 where no fine will be incurred if you have not purchased health insurance. Find out what your 2014 penalty will be starting April 1, by months you are uninsured. Your 2014 penalties will be assessed on your 2015 taxes.

If you already have insurance through your employer, Medicaid, Medicare, or a private provider, you are already covered and will not receive a penalty.
If you don’t
currently have insurance, there’s a window for enrollment – the government has given families and individuals from October 1, 2013 to March 31, 2014 to purchase health care plans through their state or federal Health Insurance Marketplace.


For those who do not plan on purchasing insurance before the March 31, 2014 deadline, TurboTax created a penalty calculator to help you estimate how much your penalty will be for 2014.  The health care reform tax penalty is based on your family size and income. There is no penalty for a gap in coverage less than three months within a single year.


More info on About.com: 
How Much Is the Health Insurance Penalty for an Individual?

  Want to avoid a penalty for being uninsured?




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