March 12, 2014
According to the Tax Policy Center, the oft quoted $95 price tag for not having health insurance under the Affordable Care Act most likely will end up costing many households more than that, as this figure only applies to relatively low-income households.
The Center recently rolled out the ACA Tax Penalty Calculator, which assists people in figuring out what their tax penalty will equal if they do not meet the March 31 coverage deadline. Depending on income, marital and familial status, the cost could range from a few hundred dollars to almost $1,000 or higher.
As time goes on, the penalty is set to go up, rising to 2% of taxable income, with a minimum of $325 in 2015 and 2.5% of income, but at least $695, in 2016.
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