What happens to me if I don’t participate and buy the mandated insurance coverage?

July 23, 2014 / Kathleen Mills /

You will be penalized by the IRS when you file your taxes. It will be subject to a percentage of your income. It is written that in the first year it may be a low as $95. But this will be phased out very quickly over the next several years and a larger percentage will be assigned.

For more information, visit:

http://housedocs.house.gov/energycommerce/ppacacon.pdf.

 

“The thoughts and opinions expressed in this article are not to be taken as legal advice. The ACA changes on a daily basis and the material covered is a reflection of the author’s research into the bill on a given day. While every attempt is made to communicate with accuracy you should consult your lawyer or CPA for advice on how the ACA will affect you and your situation.”

 

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Kathleen Mills

Kathleen is a creative and gifted therapist who has extensive experience in helping children, adolescents, and adults with a variety of issues.

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