To: xzins; newgeezer
So of I quit my job and become self-employed for $15/hr and I don't have insurance, will the laws be enforced against me and charge me in some way? How can the enforce any aspect of this?
I believe that they don't come after the money you "owe" but withhold it from the next possible tax return or something.
13 posted on
08/16/2016 7:33:12 AM PDT by
DungeonMaster
(Rebellion is as the sin of witchcraft.)
To: DungeonMaster
I believe that they don’t come after the money you “owe” but withhold it from the next possible tax return or something.
This is why I don’t overpay my taxes. I have owed the IRS when I fill out my return since the late 1990’s. And you should check out the 8% exemption. If health insurance will cost you more than 8% of your gross wages, you can waive it without a penalty.
And when you are 62 (like I am), it takes a fair amount of gross wages to get to that point.
18 posted on
08/16/2016 7:43:13 AM PDT by
Mr. Douglas
(Today is your life. What are you going to do with it?)
To: DungeonMaster
So [if] I quit my job and become self-employed for $15/hr and I don't have insurance, will the laws be enforced against me and charge me in some way? How can [they] enforce any aspect of this? I believe that they don't come after the money you "owe" but withhold it from the next possible tax [refund] or something.
Penalty for Not Having Insurance
You will pay an additional tax if you don't have health insurance for at least nine months out of the year. For 2016, the tax is 2.5% of your adjusted gross income (AGI).
The tax is capped at a maximum level. It will never be more than the average national cost of purchasing the "Bronze" health insurance plan on the exchanges. The CBO estimates this to be roughly $4,500 annually for individuals and $12,000 for families.
The tax will never be less than a minimum flat tax. That's $695 per adult, and $347.50 per child, capped at $2,085 per family. After 2016, this minimum rises with the CPI.
(Source: IRS, Affordable Care Act Tax Provisions. Blue Cross and Blue Shield, Individual Mandate Fact Sheet. Factcheck.org, How Much Is the Obamacare Tax?)
I can only guess if you fail to get insurance, it's treated like any other tax penalty and it's due immediately until you can get the IRS to agree to some kind of payment plan.
Of course, if you're "poor" enough, Uncle Sugar will shift some of your load onto the taxpayers. But that's after you actually enroll. You might be on your own to pay the penalty for skipping out (especially if you're a white, middle-aged Christian dude).
58 posted on
08/17/2016 8:55:49 AM PDT by
newgeezer
(It is [the people's] right and duty to be at all times armed. --Thomas Jefferson, 1824)
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