Archive for Tax Year 2014
New “Refundable” Credit 2014
Posted by: | CommentsAfter December 31, 2013 …
Individuals between 100% and 400% of federal poverty level will qualify for refundable tax credit (“premium assistance credit”) to offset exchange-purchased health insurance premiums.
“Shared Responsibility Penalty” – 2014
Posted by: | CommentsAfter December 31, 2013 …
“Shared Responsibility Penalty” assessed against taxpayers who do not have health coverage. Penalty is phased in over 3 years starting in 2014 at $95 per individual ($285 per family); in 2015 at $325 per individual ($975 per family); and in 2016 at $695 per individual ($2085 per family).
Employer Health Insurance Penalty – 2014
Posted by: | CommentsAfter December 31, 2013 …
Employers with at least 50 full-time employees may be subject to penalty if not providing health insurance coverage to employees.
Health Care Reform – 2014
Posted by: | CommentsStarting in 2014, the health care reform package (currently) will require most individuals not eligible for Medicaid, Medicare, other government-sponsored coverage or otherwise exempt to maintain minimum essential coverage. Individuals who fail to maintain minimum essential coverage will be liable for a penalty. The health care package uses a formula to calculate the penalty taking into account the taxpayer’s household income and a flat dollar amount. The flat dollar amount will start at $95 in 2014, rise to $395 in 2015 and increase to $695 in 2016.