The Affordable Care Act, your 2014 tax returns & penalties

If you choose not to purchase health insurance coverage and you do not fall under one of the exemptions, expect to see a penalty assessed on your 2014 personal income tax return. Under the Affordable Care Act, individuals and their dependants must have health insurance or pay a penalty for being uninsured. Penalties can be as high as 1% of the family’s household income. The IRS may deduct the penalty from any refund that you may have coming and they can charge interest on penalties that are not paid.

For more on the penalty and what you can do read, “Taxing issues with the Affordable Care Act.

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