It's probably no surprise to you that you 'll need health insurance when you file your tax return. 
But did you know that the individual mandate fee for 2015 is higher than last year? In addition, the fee increases with each passing year. As such, we have important information that you need to know about the individual mandate fee collected. Here's a quick guide.
What is the individual mandate Fee?
It's pretty simple. Everyone needs to have health insurance, and in particular minimum coverage . If you have not minimum essential coverage, and do not qualify for an exemption, you will pay a fee for tax time. The request is also the individual responsibility fee. called
What is the fee in 2015?
If you do not have coverage in 2015, when the tax reporting comes around, you will pay the higher of these two amounts .:
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2% of annual household income (Only the amount of income on the tax return threshold will calculate the penalty. for 2015 the federal tax return is $ 10,150 threshold for a person who is an individual , files than 20,300 for someone $, the common files.) the maximum penalty is the national average premium for a Bronze plan.
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$ 325 a person for the year ($ 162.50 per child under 18 years). , the maximum penalty per family with this method is $ 975th
Remember the fee after 2015 increasing with each passing year. In 2016, the fee increases to 2.5% of revenue or $ 695 per person. Thereafter, the fee for the inflation adjusted
based. Please refer:? FAQ - Do I need to buy in 2015 Health Insurance
How do you pay the fee, you can?
The fee is due if your federal income tax return for the year file that you did not cover. In other words, the charge will pay made directly from your tax return.
Since most people for 2014 to submit their tax returns early 2015 and their 2015 tax returns in 2016, you need to keep this in mind and make sure that you health insurance a 'll avoid during the corresponding time to , the fee.
who are there exceptions?
Yes. You can for 2015 if you qualify one of the following for you for an exemption from the individual mandate fee:
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Can not afford coverage (defined as those who would pay more than 8% of their household income for the lowest cost Bronze plan through the marketplace in order available)
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Are no US citizen, a US national, or a resident alien lawfully in the US
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had a gap in coverage for less than 3 consecutive months during the year
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is the cheapest coverage for you would be more than 8% of household income cost
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Are not qualify able for Medicaid because your state not to expand the program
participate in a medical sharing service or a member of a recognized religious sect with objections to the health insurance
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are a member of a federally Indian tribe
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are imprisoned recognized
Others that do not comply with these categories, but have out insurance buy a hardness , which makes it difficult, can be considered by the health insurance market for an exception, the individual responsibility requirement.
What questions do you have about the individual mandate fee for 2015? Leave a comment below!
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