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More Americans than expected forgo health insurance and pay Obamacare penalties
Market Watch ^ | 7/21/15 | Russ Britt

Posted on 07/21/2015 12:13:35 PM PDT by Nachum

As many as 7.5 million U.S. taxpayers reported that they owed a tax penalty for 2014 for not signing up for health insurance, the Internal Revenue Service said. That amounted to roughly $1.5 billion in penalties.

That was at least 1.5 million more taxpayers than the Obama administration expected to see paying penalties under terms of the Affordable Care Act, according to reported forecasts, and as much as triple what some officials had forecast. The number, however, will come down, as the IRS says 300,000 should have claimed an exemption to the penalty.

Further, penalties for those who failed to sign up for insurance averaged around $200, but they still weren’t enough to offset refunds due for the vast majority of taxpayers. Roughly 85% of these taxpayers still reported getting a refund for the 2014 tax year, the IRS said.

“About 40% of these payments were $100 or less and about 95% of these payments were $500 or less,” the agency said in a press release.

(Excerpt) Read more at marketwatch.com ...


TOPICS: News/Current Events
KEYWORDS: 0carenightmare; obamacare; obamacareenrollment; obamacarepenalties
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1 posted on 07/21/2015 12:13:35 PM PDT by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 07/21/2015 12:14:01 PM PDT by Nachum (Obamacare: It's. The. Flaw.)
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To: Nachum

Obamacare is so great that, even though it is mandatory, sensible people refuse to participate.


3 posted on 07/21/2015 12:14:32 PM PDT by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: Nachum

Given the general ineptitude of the fedgov, what are the odds of being caught if you inadvertently check the “covered” block in error?


4 posted on 07/21/2015 12:15:58 PM PDT by nascarnation (Impeach, convict, deport)
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To: nascarnation

Companies report how much they pay in premiums, iirc, so eventually they will catch it.


5 posted on 07/21/2015 12:17:01 PM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: Pollster1

I never could get any libs to tell my if it is so great why did Barry and Congress exempt themselves and choice other groups. Nobody ever would touch the subject.


6 posted on 07/21/2015 12:17:06 PM PDT by Resolute Conservative
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To: Nachum

Sounds like a tax to me....


7 posted on 07/21/2015 12:17:25 PM PDT by BenLurkin (The above is not a statement of fact. It is either satire or opinion. Or both.)
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To: Nachum

These are the people who probably expected Obama to pay for their gas and electricity, and/or aren’t even aware they are now required to sign up.


8 posted on 07/21/2015 12:19:30 PM PDT by PGR88
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To: Nachum

If you like your plan, you can keep your plan.


9 posted on 07/21/2015 12:20:14 PM PDT by matt04
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To: BenLurkin

Wow...I didn’t know that Chief Justice Roberts was a FReeper...lol.


10 posted on 07/21/2015 12:30:17 PM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Mississippi! My vote is going to Cruz.)
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To: nascarnation
Given the general ineptitude of the fedgov, what are the odds of being caught if you inadvertently check the “covered” block in error? <\i>

Next year people will need to submit 1095 forms when they file if they claim to have insurance.

11 posted on 07/21/2015 12:33:34 PM PDT by EVO X
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To: EVO X

Interesting.
thanks


12 posted on 07/21/2015 12:36:46 PM PDT by nascarnation (Impeach, convict, deport)
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To: Nachum

This was predicted by anyone with a brain - pay the penalty, which is cheaper than the insurance, then pick up the insurance if and when you actually need it, because you can’t be denied for pre-existing conditions.

All it takes is enough cash or credit to cover initial expenses in an emergency until you can get the paperwork through to cover the rest.


13 posted on 07/21/2015 12:40:20 PM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: nascarnation

There’s a new tax form we’re gonna get to ‘prove’ to the IRS that we are covered.

I got a notice about it at work a little while ago.


14 posted on 07/21/2015 12:41:01 PM PDT by sauropod (I am His and He is mine.)
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To: Nachum

Requiring that a person must do something,
or punishing them for not doing that something
is the same as involuntary servitude in my book.


15 posted on 07/21/2015 12:41:20 PM PDT by Repeal The 17th (I was conceived in liberty, how about you?)
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To: Pollster1

Once your identity is stolen, no amount of money can buy it back, and they have definitely shown that they have little regard for protecting it.


16 posted on 07/21/2015 12:41:38 PM PDT by kevslisababy
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To: Pollster1

My insurance has never been as bad as it is this year.

Democrats suck.


17 posted on 07/21/2015 12:43:44 PM PDT by FreeAtlanta (Restore Liberty!)
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To: Nachum

Givmedent at it’s finest. Medicare out of control, Unaffordable Death Care near a death spiral. I need to buy myself a nice little Trap/home defense shotgun. Totally unrelated to the topic of course. Any Pawn shop suggestions? I heard that new build Remington 870’s aren’t the quality they use to be, so maybe used. Budget $350-400


18 posted on 07/21/2015 12:44:50 PM PDT by DAC21 (.z)
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To: Nachum

Emergency rooms are free... Free to those who don’t have anything and don’t plan on getting anything (above the board)... it’s the incentive system from hell...


19 posted on 07/21/2015 12:45:24 PM PDT by GOPJ (They are not undocumented and they are not immigrants. They are illegal aliens. Lurkinnamloomin)
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To: Nachum

If you can’t afford the premium or the deductable, whats the point


20 posted on 07/21/2015 12:46:01 PM PDT by woodenickel
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