2014 penalty for no health insurance is the greater of
1% of Modified Adjusted Gross Income (MAGI) or ($95 per adult + $47 per child ($285 maximum)). MAGI is your AGI plus nontaxable income (non taxable social security, tax exempt municipal bonds).
Correction
2014 penalty for no health insurance is the greater of
1% of Modified Adjusted Gross Income (MAGI) - standard deduction/itemized deduction - exemptions
or
($95 per adult + $47.50 per child ($285 maximum))
MAGI is your AGI plus nontaxable income (non taxable social security, tax exempt municipal bonds, etc).