The fines and penalties for not buying government-approved healthcare insurance under the Obamacare program are kicking in with the new year.
The fines will skyrocket to 2% or $325, whichever is higher, and for 2016, even further massive increases are in store. For 2016, according to government figures, the average fine will be approximately $1,100.
In 2014, the fees were only $95 per person or 1% of household income (above the threshold for filing taxes), whichever was more.
TurboTax has created a free online tool called “Exemption Check” for people to see if they may qualify for a waiver. Charges apply later if the taxpayer files through TurboTax. People also can get a sense of the potential hit by going online and using the Tax Policy Center’s Affordable Care Act penalty calculator.
Happy New Year from the Obama Administration.