01-25-2014 01:12 AM
I just filed my Federal and CA State taxes online....there was no prompt to enter my health insurance information....am I going to get fined???
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01-25-2014 01:59 AM
I may have found the answer to my question...Below is what I have found...I still would appreciate any feedback, thank you!
"You may receive a penalty if not insured by March 31, 2014. If you are required to purchase health insurance and have not done so by March 31, 2014, you will receive a penalty on your 2014 tax return (filed in 2015). The penalty in 2014 is $95 per adult and $47.50 per child, and the fee is capped at $285 or 1 percent of household income. Each year the penalty increases; in 2016, the fine rises to $695 per adult and will be capped at $2,085 or 2.5 percent of income. There is no penalty for a gap in coverage for less than three months."
01-25-2014 10:07 AM
You are correct; what you quoted is what is in effect. The penalty next year for not having insurance is indeed $95 or 1% of the household income with that maximum. If your health insurance is through your employer, you will notice a code DD in Box 12 of your W2, which indicates your health insurance premiums and is an indication that you are covered. Next January taxpayers will receive a form 1095-A to indicate their fulfillment of the health insurance mandate and what penalty or premium tax credit may apply, if any, on their 2014 return. I expect there will be a screen at that time to input that information.