A Refresher on the ACA’s Tax Penalty on Individuals Without Health Insurance

Posted by Kim Chen on October 23rd, 2017

With repeal and replace efforts apparently having collapsed for now, it’s a good time for a refresher on the Affordable Care Act’s tax penalty on individuals without “minimum essential” health coverage. The 2017 penalty generally is the greater of: 1) 2.5% of household income above the taxpayer’s filing threshold, or 2) $695 ($347.50 for household members under age 18) times the number of uninsured individuals in a household, limited to $2,085. But the penalty can’t exceed the national average cost of bronze coverage for the household. Contact us for details.