IRS Calculates cheapest ‘ObamaCare’
plan will average $20,000 per family
The Blaze – Becket Adams – 2/1/2013
Example 3. Family without
minimum essential coverage.
“(i) In 2016, Taxpayers H
and J are married and file a joint return. H and J have three children: K, age
21, L, age 15, and M, age 10. No member of the family has minimum essential
coverage for any month in 2016. H and J’s household income is $120,000. H and
J’s applicable filing threshold is $24,000. The annual national average bronze
plan premium for a family of 5 (2 adults, 3 children) is $20,000.
“(ii) For each month in
2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the
applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2
children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount
is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3)
of this section, the excess income amount is $2,400 (($120,000 – $24,000) x
0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty
amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).
“(iii) The sum of the
monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national
average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under
paragraph (a) of this section, the shared responsibility payment imposed on H
and J for 2016 is $2,400 (the lesser of $2,400 or $20,000)
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