Affordable Care Act (Obamacare)
Beginning with the 2014 Federal individual tax return, taxpayers will have to be reporting to the IRS data concerning their health insurance. Everyone with the exception of those who meet one of the limited exemptions MUST have health insurance that meets the minimum essential coverage – or, they will pay a Shared Responsibility Payment (hereafter referred to as a “penalty”).
2015 Monthly Bronze Plan Premium: The IRS released the 2015 monthly national average bronze level plan premiums that will be used in determining the shared responsibility penalty for individuals for the 2015 tax year. The individual shared responsibility payment for a tax year is the lesser of (1) the sum of the monthly penalty amounts, or (2) the sum of the monthly national average bronze plan premiums for the shared responsibility family. For 2015, the monthly national average bronze plan premium is $207 per individual, with a maximum of $1,035 for a shared responsibility family with five or more members. Rev. Proc. 2015-15, 2015-5 IRB .