Flyboyjohn Posted October 6, 2015 Share Posted October 6, 2015 For the "a" penalty I've seen estimates of $2,080, $2,084 and$2,120, anybody seen an official release? For the "b" penalty I've seen $3,120, $3,126 and $3,180? Thanks Link to comment Share on other sites More sharing options...
Flyboyjohn Posted October 28, 2015 Author Share Posted October 28, 2015 A recent IRS Tax Forum publication shows $2,080 and $3,120 as the 2015 amounts but not sure if it's just an estimate. Link to comment Share on other sites More sharing options...
Flyboyjohn Posted November 5, 2015 Author Share Posted November 5, 2015 After much digging I found the CMS determination of the 2015 "premium adjustment percentage" to be 4.21% so applying the adjustment methodology in 4980H the 2015 penalty amounts should be $2,080 and $3,120. But still no official announcement from IRS that I can find. Link to comment Share on other sites More sharing options...
rocknrolls2 Posted March 24, 2016 Share Posted March 24, 2016 Look at IRS Notice 2015-87, Q&A-13, which confirms that the dollar amounts for 2015 are $2,080 and $3,120, respectively. For 2016, the dollar amounts are $2,160 and $3,240, respectively. Not only are the dollar amounts for the excise tax amount adjusted for inflation but the percentage used to determine the threshold of affordability (i.e., the 9.5%) is also subject to adjustments for inflation. For 2015, the percentage is increased to 9.56%. For 2016, the percentage becomes 9.66%. The official source for this can be found in Notice 2015-87, Q&A-12. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now