IRS Issues new Obamacare penalties for 2017
Revenue Procedure 2017-48, August 21, 2017On August 21st, IRS issued the notice which sets the Affordable Care Act's (ACA) monthly national average bronze plan premium amount used to calculate the maximum individual shared responsibility payment for individuals who did not have health care as mandated by I.R.C. §5000A(c)(1)(B) and §1.5000A-4 of the Income Tax Regulations. Revenue Procedure 2017-48 sets the average premium amount for individuals covered by the bronze plan at $272 per month. As for households with five or more members, the maximum premium amount is set to $1,360 per month. So if you do not have insurance in 2016, and you are single, you will pay a shared responsibility payment (Obamacare tax) of $3264. If you have a family of 5, you will pay $16,320.
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