For tax year 2015, the ACA penalty is 2% of your total household adjusted gross income, or $325 per adult and $162.50 per child, to a maximum of $975.So? Anyone know what the "penalty" is if you're caught NOT having Health Care Insurance?
The reason I'm asking is... before this fiasco was shoved down our collective throats, I attended a shareholder meeting for the Native Corporation I'm enrolled in (being an Alaska Native). In that meeting, it was told to us (by the officers of the corp.) that being "Native"... we would NOT be required to enroll.
Now, I'm already (since 1971) enrolled in, and a member of a recognized tribal entity. Just on a hunch, I also visited the offices of the Bureau of Indian Affairs a few years back, and obtained (free) a Federal I.D. card, verifying my enrollment as an Alaskan Native.
Come tax time, they're (H&R Block) looking over my documents, and notice that I was "without medical insurance" for a few months last year (after I was laid off). I could see their hackles beginning to rise in worry, but when I presented my B.I.A. card verifying my status of Native American, they selected a drop-down menu selection clarifying I'm exempt from the "enforcement" and commented to me "No penalty"... and we continued on with my preparation/filing.
So... my point? It seems like everyone you talk to these days, claims to be "part Cherokee" (etc.). IF you ARE a percentage of Native American blood. It may be a wise thing to stop by the B.I.A. in your area and find out what the standards are for degree of blood to qualify for this status. "Technically"... being "Native", I'm covered through "Indian Health Service" (not the best of care overall... BUT... exempt from the Obummer Care penalty clause).
My new job will have bennies kicking in after a few months' time, so I'll be back in the regular flow of things... but, having that base "covered" sure did come in handy this month.
Good info... so, IF you have Native Blood in your heritage... MIGHT be worthy of looking into to see whether you can protect yourself from hell if a loss of job falls your way in the future.For tax year 2015, the ACA penalty is 2% of your total household adjusted gross income, or $325 per adult and $162.50 per child, to a maximum of $975.
For tax year 2016, the penalty will rise to 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, to a maximum of $2,085.
For tax year 2017 and beyond, the percentage option will remain at 2.5%, but the flat fee will be adjusted for inflation.
I've been contemplating making a change (never pleased with the hosing I get from having them prepare for me). I did two years of electronic book keeping with a commonly known/used software (Quick Books). Year #1 was nice. Fast/easy means of getting things ready when taking it to H&R. Year #2, Quick Books never did function properly for me. Granted, it MAY have been by doing an "upgrade" from one year's to another year's version, rather than a fresh install of a clean/current version. I may give it another shot at some point. Once I find some consistency with the results, I may make the switch.You need to stop using H&Rblock. Those people are crooks. Just because I have a HSA I get charged an extra $125 even on a simple form. I went with TurboTax three years and am very happy with them.
Good to know about having Indian blood. About the only thing Indian in me is the town I grew up in named after the Algonquin Indians.
I'm with you S... worst thing to've happened to this Nation (him, his name's-sake is the next worse thing).I've paid the penalty for two years now. Obama can stick his health care! Lying piece of...
HOWEVER, I just discovered this year, IF the cheapest bronze plan is more than 8.02% of your income(for 2015), you can get an exemption and not have to pay the penalty, I only found out this by accident while doing something else. I don't recall the exact name, but its like the "to expensive HCI exemption.", I already payed the penalty for the previous year, now I have to go back and amend that. You can go on the .gov site and find the "estimated" cost of these plans to you, but in my case they were WAY lower than reality, however still over the 8.02%.For tax year 2015, the ACA penalty is 2% of your total household adjusted gross income, or $325 per adult and $162.50 per child, to a maximum of $975.
For tax year 2016, the penalty will rise to 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, to a maximum of $2,085.
For tax year 2017 and beyond, the percentage option will remain at 2.5%, but the flat fee will be adjusted for inflation.
The part that I hate the most about property tax is that 85% of it is school tax. I have never had a child in school and not really sure I want to pay for someone else's child's poor education. Single people are discriminated against.I hate insurance period !!!! Oh yea, I hate taxes to!!!!
between all the cars/motorcycles, home, health, vision, dental, life, and umbrella policy I have; almost 30% of my annual income goes to insurance companies , and then you loose 20-30% for state/local income taxes. Then there is fuel tax, sales tax, alcohol tax, ammo/gun tax (hidden), (fortunately I don't smoke tax), property tax -----don't get me started------they all suck !!!!
If you figure up the total cost of taxes and insurance I'd bet that most only get to take home of 20% of their salary at most then pay the rest of their bills--- and they wonder why Americans don't have savings accounts any more
AAhhh the great American dream------ work your whole life to end up poor and old ---gotta love it
You have to be a certain percentage of indian blood to qualify as native american, though. For some reason, 16% sticks in my mind, but I'm not certain of the percentage. Also, if you are on Medicare, you are exempt from any penalty because it is health insurance.You need to stop using H&Rblock. Those people are crooks. Just because I have a HSA I get charged an extra $125 even on a simple form. I went with TurboTax three years and am very happy with them.
Good to know about having Indian blood. About the only thing Indian in me is the town I grew up in named after the Algonquin Indians.
The reason for that is that it is considered a community responsibility to educate children to become productive and law abiding citizens. From that viewpoint, I see the necessity of it. However, the amount paid by those who don't even have kids should be a lot less than those who do. Of course, the wasteful spending of most school districts and states on education doesn't help much either.The part that I hate the most about property tax is that 85% of it is school tax. I have never had a child in school and not really sure I want to pay for someone else's child's poor education. Single people are discriminated against.
F'K H&R. my wife used to go to em a decade+ ago, their fees where based off of how big your return was, for the most part they had nothin to do with how much your getten back of your OWN money you let uncle sam hold onto interest free. not sure how they run it now that turbo tax and taxact, ect run the show (i even noticed H&R has an online program now)You need to stop using H&Rblock. Those people are crooks.+1
I went with TurboTax three years and am very happy with them.
BIG +1I agree the whole concept of requiring individuals to have health insurance is wrong. Simply make health care affordable and do away with the profitability of insurance companies. We need affordable health care not affordable insurance!
^^^THIS^^^The reason for that is that it is considered a community responsibility to educate children to become productive and law abiding citizens. From that viewpoint, I see the necessity of it. However, the amount paid by those who don't even have kids should be a lot less than those who do. Of course, the wasteful spending of most school districts and states on education doesn't help much either.
It could be worse. I pay the property tax and because the local schools have gotten so bad, I also pay the equivalent of a monthly car payment for private school tuition. To add insult to injury the tuition I pay is not tax deductible.The part that I hate the most about property tax is that 85% of it is school tax. I have never had a child in school and not really sure I want to pay for someone else's child's poor education. Single people are discriminated against.
And, most in an urban area are not even "home owners"... so they love it when they can vote for a raise in the property tax (doesn't affect them!!!) :a43: :a32:... and, then wonder WHY their rent is going up again. (Idiots)It could be worse. I pay the property tax and because the local schools have gotten so bad, I also pay the equivalent of a monthly car payment for private school tuition. To add insult to injury the tuition I pay is not tax deductible.
Those hidden ammo/gun taxes were self-inflicted. We, as hunters and shooters, put those in place thru the Pittman-Robinson Act. The money can only be used for conservation (ie deer & turkey re-stocking) and shooting purposes (public ranges). Fisherman have a special tax that works the same way.I hate insurance period !!!! Oh yea, I hate taxes to!!!!
between all the cars/motorcycles, home, health, vision, dental, life, and umbrella policy I have; almost 30% of my annual income goes to insurance companies , and then you loose 20-30% for state/local income taxes. Then there is fuel tax, sales tax, alcohol tax, ammo/gun tax (hidden), (fortunately I don't smoke tax), property tax -----don't get me started------they all suck !!!!
If you figure up the total cost of taxes and insurance I'd bet that most only get to take home of 20% of their salary at most then pay the rest of their bills--- and they wonder why Americans don't have savings accounts any more
AAhhh the great American dream------ work your whole life to end up poor and old ---gotta love it
Yep. For about half what the public school spends per child mine will be getting a far better education.And, most in an urban area are not even "home owners"... so they love it when they can vote for a raise in the property tax (doesn't affect them!!!) :a43: :a32:... and, then wonder WHY their rent is going up again. (Idiots)
Government doesn't NEED "more money". What they NEED, is to learn HOW to live within their means. :a43:
The problem with such taxes, is getting the people being PAID that tax to actually DO something with it which WE want them to do. They act like it's THEIR money, and unless a project can be deemed as fitting THEIR agenda, they don't wanna let go of it. When the coffers get full enough, you watch, it'll go the same way as Social Security and Medicare.Those hidden ammo/gun taxes were self-inflicted. We, as hunters and shooters, put those in place thru the Pittman-Robinson Act. The money can only be used for conservation (ie deer & turkey re-stocking) and shooting purposes (public ranges). Fisherman have a special tax that works the same way.
