Q:

Is there a tax penalty for not having insurance under Obamacare?

A:

Quick Answer

Under the Affordable Care Act, commonly known as ObamaCare, an individual must either pay a fee or have a health coverage exemption if he chooses not to purchase health insurance, as of 2015, according to HealthCare.gov. There are various types of fees and exemptions.

Continue Reading
Is there a tax penalty for not having insurance under Obamacare?
Credit: Pictures of Money CC-BY 2.0

Full Answer

The initial individual mandate required that the majority of Americans obtain health insurance by 2014, or be forced to pay a tax penalty, notes ObamaCare Facts. If an individual fails to have coverage in 2015 and after, and does not qualify for an exemption, he must pay 2 percent of his yearly household income or $325 per person for the year, whichever is higher, as stated on HealthCare.gov.

Learn more about Taxes

Related Questions

Explore