Will you have to pay a healthcare tax penalty?

If you have health insurance, you don’t have to worry about paying a penalty. If you don’t have coverage for 3 or more months in 2014, you may be subject to paying a tax on your 2014 federal income tax return due April 2015.

Business & FinanceThe Tax Code, Translated Into Plain EnglishYour penalty amount is determined by the number of uninsured people in your household and your household’s taxable income.

The penalty is cappedĀ at an amount it would cost to purchase a certain level of insurance in your state’s health insurance marketplace. Penalty amounts will be prorated to only cover the number of months you and your family are uninsured.

Call us today we will be happy to help you with any questions you may have we can determine if there will be a tax penalty, call us direct at 909-570-1103.