Penalty for Not Having Insurance
The individual shared responsibility provision requires you and each member of your family to do one of the following:
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- Have qualifying health coverage called minimum essential coverage;
- Qualify for a health coverage exemption, or
- Make a shared responsibility payment when you file your 2014 federal income tax return in 2015.
Many people already have minimum essential coverage and do not need to do anything more than maintain that coverage and report their individual medical insurance coverage when they file their tax returns.
For further details, the IRS related page:
And please also see our related blog post:
DID YOU RECENTLY LEARN ABOUT THE TAX PENALTY FOR BEING UNINSURED?