Not listing health coverage to cause tax penalties in 2015

MGN Online

BIRMINGHAM, Ala. (WIAT) — If you were one of the many people who rushed to get your tax return to the Internal Revenue Service (IRS), your tax preparer may have asked you about health insurance.

That’s because anyone who doesn’t have minimum health coverage will face a tax penalty next year, and that penalty could be more than most people think.

The penalty is $95 per person in a household, or about one percent of your income – whichever is higher.

A single person making $30,000 a year would have to pay about $199.

For someone making $50,000 a year, the penalty is around $399.

In 2015, the penalty jumps dramatically to $325 per person, or two percent of one’s income.

In 2016, it moves up even higher.

Copyright 2014 WIAT-TV CBS42

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