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What’s the penalty for not having health insurance?

Did you have health insurance in 2015? If not, you may owe a penalty on your federal income tax return. For 2015 returns, the penalty is the higher of a flat dollar amount or a percentage of your household income. The flat dollar amount is $325 per adult and $162.50 per child under age 18, up to a maximum of $975 per family. The percentage-of-income amount is 2% of household income above the filing threshold for your filing status. The maximum penalty for this calculation is based on the total annual average premium for a bronze level insurance plan purchased from the government website. Please call our office at 646-688-2807 for more information on this matter.

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