In the year 2015, if you don't have health insurance coverage, you will be required to pay the higher of the following two amounts:

1. 2% of your annual income above the tax-filing threshold  up to a maximum cost of the national average premium to purchase a Bronze Plan from the federal healthcare exchange, OR

2. $695.00 per person ($347.00 per child under 18). The maximum penalty per family using this method is $2,085.00

In addition to the tax penalties for uninsured families, there are also employer related rules for required coverage.  In 2014, the IRS released Form 1095-B and Form 1095-C as optional paperwork for employers covering employees. For 2015, this paperwork is required. Form 1095-B is required to be filed by any employer that provides minimum essential healthcare coverage to an individual.  Furthermore, all employers, large or small, who have at least 50 full-time employees must file form 1095-C. Large employers additionally are required to follow the law that full time equivalent employees as measured by their average work hours during the 2015 calendar year, as well considered at least 50 employees must file form 1095-C.

Follow us on

Copyright © 2017 Pfeiffers Accounting & Consulting LLC. All Rights Reserved.
Joomla! is Free Software released under the GNU General Public License.
Sunday the 17th. Joomla 2.5 templates.