If you have health insurance, you don't have to worry about paying a penalty. If you don't have coverage for two or more months in 2015, you may be subject to paying a tax penalty on your 2015 federal income tax return due April 18, 2016. TaxAct's Health Insurance Tax Penalty Calculator estimates the maximum tax penalty amount for not having health insurance in 2015.
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 2015 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 2015 tax penalty based on 2014 filing thresholds, the assumption you do not have insurance for all of 2015 and the limited information you provide. It is not a substitute for calculating the actual penalty or preparing your full 2015 tax return at www.TaxAct.com. TaxAct will not save any of the information you enter into the TaxAct Health Care Tax Penalty Calculator.