Health Insurance Tax Penalty

November 5, 2012

The Supreme Court upheld the individual mandate as a tax, and therefore the IRS is responsible for collecting it. By the year 2016, the tax penalty for not purchasing health insurance hits $695 a year or 2.5 percent of annual income, whichever number is higher.  Beyond that time frame, the IRS will collect monies based on cost-of-living adjustments.

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