Much speculation has ensued over whether Obamacare will impact your taxes this year. This American Action Forum video sums up who will end up owing the IRS:
- If you didn't have health insurance in 2014, you have to pay 1% of your income, or $95 dollars. If 1% of your income is more than the $95, you must pay that amount.
- If you purchased subsidized coverage in 2012 and earned more money in 2014 than you did in 2012, you will owe the IRS.
Essentially, there are two ways for the IRS to fine taxpayers, based on whether or not they have health insurance, as detailed in the chart below:
Assuming the video takes into consideration all of the ways that Obamacare can impose fines on taxpayers, an estimated 13 million will end up owing the IRS money on April 15 because of the President's healthcare program.