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Affordable Care Act and taxes – 02/17/15 09:00 S.S.

Because the Affordable Care Act is in effect, people without health insurance can face penalties. For the 2014 tax filing season, that could be as little as 95 dollars, or as much as 285 dollars….but that’s only for 2014. After that, the fines will increase every year. For people who didn’t have coverage going in the 2015 filing season, the fine starts at 325 dollars and goes up to 2 percent of each household’s yearly income…(with a few exceptions). For people who started their application with Covered California before the February 15th deadline, they have until this Friday to complete the form (without having to pay a penalty).

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