IRS Finalizes Individual Penalties Under Health Care Reform—1% Of Income In 2014 & 2% In 2015

The Internal Revenue Service (IRS) released the final rule on individual penalties under health care reform on August 27, 2013. The penalty for not obtaining basic health insurance coverage is $95 per person or one percent of household income in 2014. In 2015, the penalty increases to $325 per person or two percent of income in 2015. The penalties (called a shared responsibility payment) apply to all individuals, unless they qualify for one of nine exemption categories. The shared responsibility payment and details on enforcement and exemptions were released on August 27, 2013, by the Internal Revenue Service (IRS) in . . .