Shared Responsibility Payment

[TaxGuyBill]

The reason one person didn't have insurance is that the husband's work was evidently employee and children, employee and family is much more expensive, and the wife's work did not offer insurance.

How expensive?

Find out EXACTLY what the lowest cost it would have been to insure the Mom through Dad's work. That would usually NOT be the "family" plan, but a plan that covers Employee and Spouse alone (no dependents).

If that annual number is over 8.05% of their Household Income, it would be "unaffordable" and qualifies for the code "A" exemption on Form 8965.

[RitaB]

Hope I didn't make a mistake

there were news articles when Obama care first came out that younger people would find it cheaper to pay the penalty than to buy the health insurance. however those of us over 40 are finding more health issues to deal with than when we were 30.

I'm 52. This is not a good time for me to be unable to afford health insurance. I don't pay the penalty. I joined a health care sharing ministry. See Form 8965, part III.

[taxmom34]

there were news articles when Obama care first came out that younger people would find it cheaper to pay the penalty than to buy the health insurance. however those of us over 40 are finding more health issues to deal with than when we were 30.

[RitaB]

It's relative

Working the penalty real quick on the calculator, thats about right. I honestly dont feel bad for ppl that make 6 figures and dont carry health insurance on someone.

Well, it depends. A family of five making 110,000 is doing ok here in TN. Not getting ahead, but doing ok unless they like to have a lot of nice stuff. If my premiums would be $737, adult and two kids, theirs would be over 1,000 a month, I'm sure.

If they live in a state where cost of living exceeds that of TN, they better be good at beans and rice, rice and beans, if they want health insurance.

I do not have traditional health insurance now. I'm not paying $737 a month for that product. And I am very good at beans and rice, rice and beans.

I do feel badly for working class people. We used to be able to afford health insurance.

I did a return for a 53 year old single man last week for whom the taxpayers footed the bill for health insurance in 2015. He chooses to work 15 hours a week.

[Super Mom]

I don't know what happened in this case that one did not have insurance, but things have changed dramatically.

The premiums for a policy covering myself and two children, deductibles $6,250 each, is $737 a month. Our premiums were $386 eighteen months ago. We have no health issues. But I do have unaffordable health insurance issues now.

I also have unaffordable health issues now. My premiums have more than tripled for way less coverage than we used to have!

The reason one person didn't have insurance is that the husband's work was evidently employee and children, employee and family is much more expensive, and the wife's work did not offer insurance. I can see how that could happen.

[RitaB]

Yes, things have changed

maybe things have changed since I had to buy health insurance, but, when you sign up either with your employer or buying from insurance company directly you have two choices: you are single or applying for a family plan. a family plan normally includes all in the family, how do you exclude someone?
trying to visualize the situation, I am assuming both clients work and one has a plan that excludes the other spouse and that spouse does not sign on with employer for their insurance. not knowing how one person was excluded, just taking a guess. maybe someone can enlighten me. thank you

I don't know what happened in this case that one did not have insurance, but things have changed dramatically.

The premiums for a policy covering myself and two children, deductibles $6,250 each, is $737 a month. Our premiums were $386 eighteen months ago. We have no health issues. But I do have unaffordable health insurance issues now.

[taxmom34]

maybe things have changed since I had to buy health insurance, but, when you sign up either with your employer or buying from insurance company directly you have two choices: you are single or applying for a family plan. a family plan normally includes all in the family, how do you exclude someone?
trying to visualize the situation, I am assuming both clients work and one has a plan that excludes the other spouse and that spouse does not sign on with employer for their insurance. not knowing how one person was excluded, just taking a guess. maybe someone can enlighten me. thank you

[Super Mom]

I've seen the penalties hurt a lot of poor people too, this is the first 6 figure I've had with a penalty. Those that have gotten insurance through the marketplace are constantly telling me nightmarish stories of their policies being canceled without notice, etc... I have only talked to one person that had good things to say about the marketplace. She is terminally ill and did not have insurance before, so good for her.

[taxmom34]

with AGI that high I can't feel sorry for client for not having insurance for one person in the household. and I thank Obama for all those who now have insurance.

[spanel]

The AGI is 110,201.

Working the penalty real quick on the calculator, thats about right. I honestly dont feel bad for ppl that make 6 figures and dont carry health insurance on someone.

Just my .02

Chris

[Super Mom]

The AGI is 110,201.

[spanel]

This penalty, for one adult not having health insurance works out to $144.00 per month!! UNBELEIVABLE!!

What was the AGI?

Chris

[Super Mom]

This penalty, for one adult not having health insurance works out to $144.00 per month!! UNBELEIVABLE!!

[Super Mom]

Ones I have prepared, the penalty is different for 1 than it is for 5. And different if no coverage all 12 months verses just a few months becaue the penalty is per month. Doesn't seem right that it would be the same for 1 as for 5

I strongly agree, doesn't seem right at all, however it evidently is since the percentage of income is being applied.

[Super Mom]

Wow, I had went over this over and over trying to find a mistake and could not find one. This is so unfair! Not to mention my time!!! Thanks Obama!!!!