January 31st, 2016
TAX TIP OF THE DAY... Obamacare 2015 penalties for not having health insurance.
The greater of:
1) $325 per adult and $162.50 per child under age 18
2) 2% of household income over a certain dollar threshhold that varies based upon # of household members and filing status.
Penalties are prorated based upon the number months of being uninsured.
WHAT YOU NEED TO KNOW: There are various ways out of this penalty based upon "hardships".
SHARE WITH A FRIEND.
If you need tax help... www.baboiancpa.com
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David S. Baboian, CPA