ACA tax penalties to rise in 2015, 2016

People who opt out of health insurance coverage as required under the Affordable Care Act will face average fines of either $325 or 2% of income in 2015 and about $1,100 in 2016. The Internal Revenue Service will collect the penalties, which for 2014 are set at either $95 per person or 1% percent of household income above the tax-filing threshold. About 26 million people qualify for one of the many exemptions, but they might not be aware exemptions exist, tax experts say. Star Tribune (Minneapolis-St. Paul, Minn.)/The Associated Press (12/29)

Last Updated 01/19/2022

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