NorthIowaToday.com

Founded in 2010

News & Entertainment for Mason City, Clear Lake & the Entire North Iowa Region

Obamacare penalty snags over 8 million taxpayers, who pay over $1.7 billion

tax-return-prepWASHINGTON, D.C. – The Affordable Care Act penalty ensnared over 8 million taxpayers in 2014, who paid over $1.7 billion because they couldn’t prove they were insured.

New data released by the IRS shows the Health Care Individual Responsibility Payment under the Affordable Care Act (sometimes referred to as “Obamacare”) indebted 8,061,064 taxpayers for $1,694,088,000 in penalties in 2014. This was the first year that these penalties took effect under the President’s health care law, which was approved by Congress.

According to the IRS data, beginning in 2014, the Affordable Care Act required that individuals must have had health care coverage, qualified for a health coverage exemption, or made a shared responsibility payment with a tax return. Over 13.3 million taxpayers filed a Form 8965, Health Coverage Exemptions to claim a coverage exemption. A health care individual responsibility payment was made on 8.1 million returns for $1.7 billion, an average of $210 per tax return paying this penalty. (Other ACA tax provisions, like the credit for small employer health insurance premiums and the additional Medicare tax, took effect in earlier years.

0 0 votes
Article Rating
Subscribe
Notify of
guest

15 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Even more news:

Watercooler

Need help with your website?
Call your local professional,
Breakthrough Web Design:
515-897-1144
or go to
BreakthroughWebDesign.com

Copyright 2024 – Internet Marketing Pros. of Iowa, Inc.
15
0
Would love your thoughts, please comment.x
()
x