Posted on 08/22/2017 10:37:40 AM PDT by george76
Four million people paid Affordable Care Act penalties averaging $708 for not having insurance in 2016, according to preliminary figures released by the Internal Revenue Service.
The average is just over the base penalty of $695 imposed for a whole year without coverage; those with higher incomes paid more. Overall, that's about $2.8 billion. The agency noted that those numbers are subject to change as processing continues.
The penalty started in 2014 with a base penalty of $95. The IRS reported that 7.9 million people paid an average of $210 that year, for a total of $1.6 billion.
In 2015 the base penalty rose to $325, and the IRS reported that 6.5 million people paid an average of $470, for a total of $3 billion.
(Excerpt) Read more at lancasteronline.com ...
he only people who paid a penalty for 2016 were those who filed Form 1095A, which is what the IRS required under the ObamaCare legislation.
One of the first things President Trump did when he was inaugurated was issue an order to the IRS to have them accept any tax return that did not have the required Form 1095A included with it.
So if you paid a penalty for 2016, it’s only bencause you told the IRS that you had no coverage for all or part of the year. If you said nothing, you would have paid no penalty.
Thanks, this will be sent out to our younger relatives, and telling them if they used a CPA for their taxes, and that CPA didn’t tell them about this option to get a new CPA/Tax person.
I didn’t do the math- I’m terrible at math- took me 2 years to get through PRE Algebra
If you paid you are insane.
This is basic math not Algebra. Algebra, another waste of time for most of us.
I wasn’t very good at basic math either- every other subject I was fine at- math just threw me for a loop for some reason
No shame.
Just get a simple basic calculator and use it.
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