chaniarts wrote:
J. Clarke wrote:
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".

well, blame it on my local newspaper, which i had assumed had read it.

http://www.azcentral.com/news/articl...-benefits.html

snip

actually, what i was remembering was this article from yesterday's paper

http://www.azcentral.com/business/ar...Taxes0324.html

Here are some of the key provisions of the bill as they affect individuals,
outlined by tax researcher CCH.

Provision: No-coverage penatly.
The basics: People who don't obtain health insurance and aren't exempt could
face a penalty starting in 2014 of at least $95 that would rise sharply
later. Exempt individuals will include those with too little income to file
a tax return.
Tax details: This penalty will be a flat tax or a percentage of income,
whichever is more. In 2014, it will be $95 or 1 percent of income, rising to
$695 or 2.5 percent of income by 2016. Those under 18 and college students
will pay half.