Do Changes To The Affordable Care Act Affect You?

January 2, 2018

The penalty for not having health insurance is still in place for two more years. The penalty tax is currently 2.5% of your total household income, or $695.00 per adult and $347.00 per child up to a maximum of $2,085.

The penalty tax will be abolished after the 2019 tax year which will be a relief for many who will no longer have to pay the penalty when they file taxes in 2020.

In the meantime, our tax professionals can determine if you qualify for exemptions that may eliminate or reduce your penalty.