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Can't afford healthcare. How's the 1% penalty going to happen?
My employer offers insurance that I can't afford so I don't get to buy it. Therefore, I am iniligible for any subsidies and can not afford government insurance. In 4 days the 1% penalty begins. What dows this mean. Is one percent of my gross income going to be deducted from my paycheck? If I only make 300 a week, does that mean that 3 dollars per week will be deducted? How is it giong to work?
4 Answers
- ?Lv 77 years agoFavorite Answer
It's $95.00 or 1% of your gross what ever is greater.The IRS will take it when your taxes are filed.
- HistoryguyLv 77 years ago
First things first, you should check to see if you're eligible for subsidies anyway. If your employer sponsored insurance costs more than, IIRC, 9% of your income then you are eligible to get subsidies on the exchanges.
As for the penalty, it is applied as part of your income taxes.
- Spock (rhp)Lv 77 years ago
there will be no deductions from your pay. the penalty, if any applies, is on your form 1040 tax return.
frankly, were i you, i'd just write -0- in the appropriate space next year and send the form in -- if IRS complains, tell 'em you can't figure out whether your health insurance complies or not and cite "if you like your health insurance, you can keep it." [even though it is zot]
Source(s): grampa - Anonymous7 years ago
I THINK that you are safe until 2015.
And, as far as I know, the penalty was $95.00.
Which would have been deducted from your Federal Tax Return.
