Beginning in 2014, if you lack health coverage, you face an annual penalty deemed a tax by the U.S. Supreme Court.
Beginning in 2014, if you lack health coverage, you face an annual penalty deemed a tax by the U.S. Supreme Court.
The feds call the tax a shared responsibility payment. For ease of use, many of us in the media and readers have seized upon the penalty for singles – $95 for all of 2014 – as reason to forgo coverage that will cost more than $95 a month.
But it’s not that simple, as Roberton Williams of the Tax Policy Center pointed out last week, for a number of reasons.
Your penalty will likely be more than $95. In fact, if you’re single and make more than $19,650 next year, you’ll owe more. And in future years, you’ll owe considerably more, depending on your income.
Read more at OregonLive.com.
