WebNov 3, 2024 · There is no federal penalty for not having health insurance, but if you live in these six states, you may still face a penalty ranging from $135 to $3,012. Here are the states where you may owe money at the … WebJan 1, 2024 · To find coverage, click here. To learn about the penalties you will face for non-compliance, click here. In general, the maximum penalty amount you will pay is $695 for each adult and $347.50 for each child, up to $2,085 per family, or 2.5% of family income that is over the federal tax filing threshold–whichever is greater.

Exemptions from the fee for not having coverage

WebA payment ("penalty," "fine," "individual mandate") you made when you filed federal taxes if you didn't have health insurance that counted as qualifying health coverage for plan years 2024 and earlier. The fee for not having health insurance no longer applies. This … WebMay 24, 2024 · People who do have to pay a penalty for not having insurance may … citizen watch 2100

The Obamacare tax penalty isn

WebDec 1, 2024 · Penalty amounts. For 2014, the penalty was set at 1 percent of income or $95 per uninsured adult and $47.50 per uninsured child under 18 (whichever is higher). Penalties for 2015 rose to 2 percent of income or $325 per uninsured adult, and in 2016 the rates climbed to 2.5 percent of income or $695 per uninsured adult. WebJan 5, 2024 · The penalty amounts are based on the amounts that applied under the federal penalty in 2024 (a flat $695 per adult — half that for a child — or 2.5 percent of income, whichever is higher), although the maximum penalty under the percentage of income calculation is based on the average cost of a bronze plan in DC, as opposed to the … WebNov 7, 2024 · For 2024 and 2024, the penalty is the greater of. $695 for each adult and … citizen watch 2250