- The sum of the monthly penalty amounts for each individual in the shared responsibility family; or
- The sum of the monthly national average Bronze plan premiums for the shared responsibility family.
In 2014, the penalty is $95 per adult and $47.50 per child (with the penalty for a family capping at $285), or 1 percent of income, whichever is greater. However, neither of these penalties may exceed the cost of the national average of the lowest Bronze metallic plan on the exchange. These penalties will increase each year. Note that some people are exempt from the Individual Shared Responsibility tax penalty because of financial hardship, religious beliefs, incarceration, or if they have special coverage as established by another law, such as American Indians. This communication is intended for informational purposes only. It is not intended to provide, does not constitute, and cannot be relied upon as legal, tax or compliance advice. The information contained in this communication is subject to change based on future regulation and guidance. |