JOHNNY X-BOX: My 19 Year Old is Not Covered will I get an Obamacare Penalty?

Image
You know “Johnny X-Box”.  This is the kid who is over 18, unemployed, not in college and LIVING IN YOUR BASEMENT!  What if he does not have health insurance?  Could you get an Obamacare Penalty?

Here is the Answer:

If you claim your son as a dependent, you’ll be responsible for paying the penalty if he doesn’t have health insurance this year.The penalty is the greater of $95 for every uninsured adult in a tax household or 1 percent of your annual family income over the income threshold that requires you to file a tax return. (The threshold is $13,050 for a head of household or $20,300 for a married couple filing jointly.).

To qualify for the flat $95 fine, a family’s income would have to be quite low. For most families, the 1 percent penalty will apply, says Brian Haile, senior vice president for health policy at Jackson Hewitt Tax Service. In your case, if your modified adjusted gross income is $60,000 and you file as head of household, the penalty would be $470 ($60,000 – $13,050 = $46,950 x 1 percent = $470).

“We tell people, that child could cost a lot more than a spare bedroom,” says Haile.

Source:  Kaiser Health News
http://www.kaiserhealthnews.org/Stories/2014/March/25/Andrews-Readers-Ask-How-Do-Marketplace-Plans-Differ-From-Others.aspx?utm_campaign=KHN%3A+First+Edition&utm_source=hs_email&utm_medium=email&utm_content=12302680&_hsenc=p2ANqtz–R1DQ3Gs_GCmiHWxPyke5_lJneKbtvWFkoeQv-vzcp8sF9GJrbUIvdTIv4RFmYO8hH9sHSu-_W-UkysXtZWxYmiZNuuw&_hsmi=12302680

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s