If you had health insurance for all of 2014, you don't have to worry about paying a penalty. If you didn't have coverage for 3 or more months in 2014, you may be subject to paying a tax on your 2014 federal income tax return due April 15, 2015. TaxACT's Health Insurance Tax Penalty Calculator estimates the maximum tax penalty amount for not having health insurance in 2014.
Your penalty amount is determined by the number of uninsured people in your household and your household's taxable income. The penalty is capped at an amount it would cost to purchase a certain level of insurance in your state's health insurance marketplace.* Your penalty amount will be prorated to only cover the number of months you and your family are uninsured. Although the penalty is assessed by month, this calculator assumes you were uninsured for the entire year and that everyone is under the age of 65 (those 65 and older likely qualify for a government health care plan like Medicare).
Enter the information below to estimate your maximum 2014 penalty amount.
* National average premium amounts for bronze level plans available through the health care marketplace.
TaxACT provides the TaxACT Health Care Tax Penalty Calculator to assist you with health insurance planning as it relates to taxes. The calculator estimates your 2014 tax penalty based on 2013 filing thresholds, the assumption you do not have insurance for all of 2014 and the limited information you provide. It is not a substitute for calculating the actual penalty or preparing your full 2014 tax return at www.TaxACT.com. TaxACT will not save any of the information you enter into the TaxACT Health Care Tax Penalty Calculator.