What is the penalty for not having health insurance in 2018?
The tax bill doesn't eliminate the penalty until 2019. That means that those who forgo health insurance for 2018 could still face a penalty. The penalty for not having health insurance this year is $695 per adult or 2.5 percent of household income, whichever is greater.
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I concur with the above response.
Due to the Tax Act of 2017, the penalty for not having A "Qualified Health Insurance Plan" has be rescinded (formally 2.5% of MAGI). Although the democrats in congress want to reinstate this penalty, it is not likely to be reinstated for at least 2 years (if ever).
Good answer!
I also agree with the answer.
George Eastman, CLU
Eastman & Associates Insurance Services, Inc
1550 Bayside Dr., CdM