WILL YOU BE BILLED FOR A "SHARED RESPONSIBILITY FEE?"

It's tax time.

W2's and 1099's are in the mail.

So, soon, will be bills for the Obamacare "shared responsibility fee."

In most cases, it will be more than what people are expecting.

Will you get one?

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EXCERPT:

"Beginning in 2014, absent a qualified exemption, you will be required to obtain health insurance. If you fail to comply, you will be subject to a penalty of 1.0% of your annual income or $95.00, whichever is greater. In 2015, the penalty increases to the greater of 2.0% of annual income or $325 per person. The following year it becomes the greater of 2.5% of income or $695 per person. After 2016, it will be indexed to the cost of living. It should also be noted that the maximum penalty is capped at three times the per person penalty. For example, if you earn $28,500 in 2014, 1.0% of your income would equal $285. Therefore, if you earn more than this, your maximum penalty would remain the same.

All penalties will be due and payable with your annual federal income tax return. Hence, the penalty for 2014 would be due by April 15, 2015 and the IRS will be the collection agency used."

Link:

http://www.forbes.com/sites/mikepatton/2013/10/28/obamacare-penalties-and-exemptions/