Penalties for inadequate healthcare insurance double in 2015.

The ACA, Affordable Care Act, penalty will equal 2% of earnings for those making over the threshold relating to filing status.  Penalties will rise again for the last time in 2016 to 2.5%.  See below for details for a family MFJ status:

Shared Responsibility Payment Calculation for Married Filing Joint under 65 =

    The greater of 

2015 –   Adult – $325  +   Child – $162.50  Total up to $975 per family

               Or 2% of income over $20,600 (no cap)

2016 –  Adult – $695  +   Child – $347.50  Total up to $2,085 per family

              Or 2.5% of income if Threshold (no cap)

 

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