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Keyword: obamacarepenalty

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  • Major Blow to Obamacare Mandate: IRS Won't Reject Tax Returns That Don't Answer Health Insurance Q.

    02/15/2017 7:37:02 AM PST · by GonzoII · 41 replies
    reason.com ^ | |Feb. 14, 2017 | Peter Suderman
    The tax agency has stopped requiring individual filers to indicate whether they maintained health coverage or paid the mandate penalty as required under the law How much difference does a single line on a tax form make? For Obamacare's individual mandate, the answer might be quite a lot. Following President Donald Trump's executive order instructing agencies to provide relief from the health law, the Internal Revenue Service appears to be taking a more lax approach to the coverage requirement. The health law's individual mandate requires everyone to either maintain qualifying health coverage or pay a tax penalty, known as a...
  • Trump may not enforce individual health insurance mandate: aide

    01/22/2017 12:16:41 PM PST · by Navy Patriot · 47 replies
    Rooters ^ | January 22, 2017
    The Trump administration may no longer enforce a rule requiring individual Americans to carry health insurance or pay a penalty if they do not, a senior White House official said on Sunday Speaking on ABC's "This Week" program, Kellyanne Conway, counselor to the president, said President Donald Trump "may stop enforcing the individual mandate." Separately, on CBS' "Face the Nation" show, she reiterated Republican promises that no one would lose their health insurance under Obamacare while a replacement is being developed.
  • IRS to target 20 million Americans who didn't buy Obamacare

    09/23/2016 11:02:21 AM PDT · by amorphous · 30 replies
    Wordnet Daily ^ | 23 Sep 2016
    Are you one of 20 million uninsured Americans who hasn’t signed up for Obamacare? Then you might be getting a note from the IRS this year “suggesting” you enroll. “Getting a letter from the IRS can be a threatening and nerve-racking experience; it seldom is seen as a suggestion and more of a threat,” Galen Institute President Grace-Marie Turner wrote in a Forbes column Wednesday. The IRS is reportedly “reaching out” to Americans who claimed an exemption or chose to pay the tax penalty for not purchasing mandatory health insurance. The ploy is intended to “attract” Obamacare enrollees. “The government...
  • $11 Billion In Missing Obamacare Subsidies From Mass Tax Noncompliance

    09/22/2016 11:52:18 AM PDT · by wtd · 6 replies
    Forbes ^ | Sep 21,2016 11:40 PM | Brian Blase
    $11 Billion In Missing Obamacare Subsidies From Mass Tax NoncomplianceComplications arising from the Affordable Care Act (ACA) premium tax credits (PTCs) are causing millions of people to effectively break the law. People who benefit from advance premium tax credits (APTCs) must file tax returns and include a form to reconcile the advanced amount to the actual end-of-year entitled amount. The failure of so many people to fulfill this new legal requirement has led the government to spend more than it should have as APTCs tend to be higher than legally entitled amounts. The big news is that tax filers,...
  • Obamacare open enrollment deadline is Jan. 31, and penalties are stiffer this year

    01/19/2016 11:23:27 AM PST · by Citizen Zed · 13 replies
    la times ^ | 1-19-2016 | Paul Sisson
    With less than two weeks of open enrollment left, Covered California is reminding consumers that they will face increased penalties for not having health insurance this year. Since Obamacare's individual coverage requirement took effect in 2014, the federal government has imposed increasingly expensive fines to people who do not purchase coverage through health exchanges or obtain insurance through an employer or a government program such as Medicare. This year brings the highest penalty yet, Peter Lee, Covered California's executive director, said during a recent news conference. "This is real money going straight to the IRS, where the consumer gets nothing...
  • Many See I.R.S. (Obamacare) Fines as More Affordable Than Insurance

    01/03/2016 4:31:51 AM PST · by reaganaut1 · 63 replies
    New York Times ^ | January 3, 2016 | Abby Goodnough
    ... A recent analysis by the Kaiser Family Foundation found that more than seven million people who are eligible for exchange coverage would pay less in penalties than for the least expensive insurance available to them. More than half would not qualify for subsidies, the analysis found. Ben Wakana, a spokesman for the Department of Health and Human Services, said people would still be better off buying insurance. "We understand some people may be thinking through their choice of coverage, but going without health insurance is a serious gamble that can be catastrophic if wrong," Mr. Wakana said. Many holdouts...
  • The Obamacare Scam Just Got A Lot Worse

    For the first time in American history, healthcare insurance has become too expensive to either buy or not buy, thus leaving many of us in quite the precarious financial dilemma, all courtesy the biggest scam ever pulled on the American people: Obamacare. CNBC explained that the penalty for not purchasing healthcare insurance for 2016 will cost us an average of $738 to $1,450, depending on our income levels. Those are just the expected averages, however. According to the actual Obamacare website, the penalty will be either 2.5 percent of our income or $695 per adult and $347.50 per child, to...
  • That Obamacare penalty will be bigger than you think

    12/09/2015 10:32:48 AM PST · by Red Badger · 34 replies
    www.cnbc.com ^ | 12/09/2015 | Dan Mangan
    The stick's getting a lot bigger — but it's not clear that many more people will choose the carrot as a result. Households that opt to go without health insurance in 2016 are set to get hit with an average Obamacare fine of $969. That is 47 percent higher than the average $661 penalty per uninsured household for this year, a new analysis by the Kaiser Family Foundation revealed Wednesday. And households without insurance that earn too much to qualify for financial aid to buy Obamacare plans will pay an even larger fine for 2016 — an average of $1,450,...
  • Annual $36,500 tax per worker for noncompliance with Obamacare

    08/31/2015 7:19:00 AM PDT · by MarvinStinson · 43 replies
    IRS drops a bomb on small employers » Annual tax would be $36,500 per worker for noncompliance with Obamacare Employers with fewer than 50 employees were promised a break by not having to provide group health insurance under the Affordable Care Act. But now the IRS has served notice that under the rule that has been in effect since July 1 such employers are subject to $100 per worker per day excise tax if they help their employees with their health-care costs. That could amount to a staggering $36,500 per worker annual tax. “We were told over and over during...
  • IRS unable to make sure people comply with Obamacare penalty: Treasury IG

    05/08/2015 10:07:56 AM PDT · by T Ruth · 16 replies
    The Washington Times ^ | May 8, 2015 | Tom Howell Jr.
    The IRS cannot be sure that Americans who lacked health insurance last year have complied with Obamacare’s “individual mandate” penalty this tax season, according to an inspector general report Friday that pointed to a decision to delay proof-of-coverage forms from insurers and employers until 2016. Agency mangers told the Treasury’s Inspector General for Tax Administration that a “business decision was made to not develop processes and procedures” to ensure compliance after it decided in 2013 to delay the pair of forms. The documents are sent to both filers and the IRS, allowing the federal government to cross-check what filers say...
  • I just did my income taxes

    03/18/2015 6:21:17 AM PDT · by Mr. K · 21 replies
    Free Republic Blogosphere ^ | 3/18/2015 | Mr. K
    I just did my income taxes It came to a question of “Did I have health insurance coverage” and I answered NO (there was no option for “none of your f%^&ing business”) I wanted to see where this was going to take me. It then asked why I didn't have coverage and said that under ‘special circumstances’ that my fine/tax could be waived and it listed 5 options- one of which was “It was too expensive” and so I picked that... (inexplicably again there was no option for “none of your f%^&ing business”) Then it said “Congratulations! your fine/tax fee...
  • ObamaCare Premiums Jumped 23% This Year -- After Subsidies

    03/18/2015 4:12:52 AM PDT · by IBD editorial writer · 13 replies
    Investor's Business Daily ^ | 03/17/2015 | John Merline
    President Obama has talked a lot in recent months about how health care inflation has moderated in recent years, and he always manages to credit ObamaCare for the result. But there is rampant inflation in one part of the health care system, and ironically enough it involves ObamaCare premiums.
  • Uninsured Balk at Obamacare Bite

    02/02/2015 4:32:31 AM PST · by rootin tootin · 19 replies
    American Spectator ^ | 2/2/2015 | David Catron
    When it became obvious a couple of years ago that Obamacare would accelerate health care inflation, the law’s boosters began claiming that cost control was never its primary goal. PPACA’s promoters had previously promised that it would reduce annual health care expenses by $2,500 per family while improving access and quality of care. But the facts forced them to abandon that pledge and adopt a safer party line. As expressed by the New York Times, the new story goes thus: “At its most basic level, the Affordable Care Act was intended to reduce the number of Americans without health insurance.”...
  • Obamacare penalty may come as shock at tax time

    01/18/2015 7:12:51 PM PST · by george76 · 57 replies
    Washington Times ^ | January 18, 2015 | Tom Howell Jr.
    Those Americans who didn’t get health insurance last year could be in for a rude awakening when the IRS asks them to fork over their Obamacare penalty — and it could be a lot more than the $95 many of them may be expecting. The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household...
  • Large Penalties Await Employers Who Reimbursed Certain Employee Health Insurance Premiums In 2014

    01/18/2015 3:00:33 PM PST · by dila813 · 10 replies
    Forbes ^ | 1/18/2015 @ 5:32PM | Tony Nitti
    Do you have people – as in, more than one – working for you? If so, you’re probably knee deep in preparing Forms W-2 for your employees before the January 31st deadline. Well, what if I told you that when you send in those forms, unless you’re aware of an under-publicized change to the insurance and tax laws that took place on January 1, 2014, you might be exposing yourself to tens or even hundreds, of thousands of dollars in penalties? And what if I told you that even if reading this column makes you aware of the required change,...
  • More Uninsured Will Resist Obamacare This Year (Will pay the increased fines, instead)

    11/13/2014 11:14:56 PM PST · by 2ndDivisionVet · 26 replies
    The Daily Caller ^ | November 13, 2014 | Sarah Hurtubise
    Next year, 35 percent of uninsured people would rather pay the upped fine for not having health insurance than buy Obamacare coverage — up 6 points from this time last year, when the penalty was hundreds of dollars lower. According to a Gallup poll released Thursday, 55 percent of the uninsured said they’re planning on getting coverage in 2015, but 35 percent are fine with just paying the individual mandate’s tax on going uninsured. In November 2013, just 29 percent of the uninsured said they were willing to pay the $95 fine in 2014 for remaining uninsured. But in 2015,...
  • Penalty For Uninsured Not Signing Up For Obamacare To More Than Triple

    11/12/2014 8:30:50 AM PST · by knak · 37 replies
    cbs ^ | 11/12/14
    WASHINGTON (CBSDC/AP) — Americans will see their bank accounts shrink if they don’t sign up for Obamacare in its second enrollment season. Uninsured Americans who decide not to enroll will face a penalty of $325 per person, more than tripling the $95 penalty those who did not enroll had to pay the first time around. Children under the age of 18 will be fined $162.50. The maximum amount an uninsured family will be penalized is $975 under the flat-rate method. “The penalty is meant to incentivize people to get coverage,” Laura Adams, senior analyst of InsuranceQuotes.com, told CBS News. “This...
  • Obamacare and Extenders: Examining the Draft 1040 for 2014

    11/05/2014 8:54:13 AM PST · by John S Mosby · 10 replies
    Tax Foundation ^ | August 4, 2014 | Alan Cole
    "The IRS last month posted drafts of its new forms for the 2014 tax year. These should by no means be considered complete – Congress can often keep meddling with the tax code deep into December – but looking at the draft 1040 can remind us of the changes ahead. Here are four lines from the 2014 1040 that reflect changes....... Line 61 – “Health care: individual responsibility (see instructions):” This is the much-talked-about individual mandate. The fee for not having health insurance in 2014 is 1% of your yearly income or $95, whichever is higher. The payment amount will...
  • Government slashes 2015 Obamacare sign-up forecast by 30%

    11/10/2014 10:03:26 AM PST · by John W · 64 replies
    cnbc.com ^ | November 10, 2014 | Dan Mangan
    So the number "13" apparently is bad luck for Obamacare, too. Federal officials on Monday sought to lower expectations for upcoming enrollment in Obamacare, announcing that they now believe that only between 9 million and 9.9 million people will be enrolled in Affordable Care Act health insurance plans by the end of 2015. That is well below the 13 million people that the Congressional Budget Office has projected for Obamacare enrollment by the end of 2015. Open enrollment for 2015 plans resumes Saturday. The new projection, more than 30 percent reduced from the CBO estimate, comes from the Health and...
  • It’s Not an Obamacare Tax: It’s an “Individual Shared Responsibility Payment”

    03/09/2014 7:06:43 AM PDT · by Kaslin · 27 replies
    Townhall.com ^ | March 9, 2014 | Michael Schaus
    Here’s your Orwellian Phrase for the Week: Individual shared responsibility payment. Yeah… Go ahead and try to wrap your brain around that amalgamation of contradictory concepts. The phrase is not gleamed from some glossy DNC spin-office, or a Harvard professor’s latest psychobabble posing as an academic paper. Apparently the phrase is the IRS’s fancy (new) term for the Obamacare Mandate tax that individuals will have to pay if they fail to get health insurance this year. As reported by Americans for Tax Reform: If you (or any of your dependents) do not maintain coverage and do not qualify for an...