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.
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.