On 3/25/2010 1:13 PM, chaniarts wrote:
Ed Pawlowski wrote:
wrote
I understand that you can pay the IRS a fine instead of buying
insurance. The bill requires additional IRS operations to check if
all is covered and that all people are controlled on a monthly basis.
Look on the bright side: The bonus is the it doubles as a simulus
bill too, more IRS agent jobs are created.

In Massachusetts you have to pay a fine. Insurance for a young
healthy single person that would rather go without is about $5000 a
year and the fine is something like a few hundred bucks. Tough
choice.

i think the fine will start at 1% gross income or $95, whichever is larger.
it escalates to 4%/$500 in 2014.

The law is online, read it before you express opinions. It starts at
$95 in 2014, increases to 350 in 2015, and 750 in 2016. Those amounts
are per person with a cap of 3 times that amount for any given taxpayer.
Thus if you and your wife file a joint return and have a kid it can be
$2250. After that there is a cost of living adjustment in subsequent
years. There's nothing about 1 percent of gross income.

There is an exemption if one's "required contribution" is more than 8
percent of "household income" with the "required contribution" being the
premium on the cheapest "bronze plan".