The Individual Shared Responsibility Provision for not having qualifying health insurance rises greatly in 2016. It can be calculated two ways – per person, and as a percentage of household income – and the taxpayer pays whichever penalty is greater.
For 2016, the per-person penalty is $695 per adult and $347.50 per minor child, with the maximum household per-person penalty being $2,085. (This compares with penalties of $325 per adult and $162.50 per minor child in 2015, when the household maximum penalty was just $975.)
Alternately, the 2016 penalty may be calculated as 2.5% of household income above the filing threshold, but not greater than the total annual premium for the national average price of a Bronze plan sold through the Health Insurance Marketplace.
These fees will be paid when taxpayers file their federal returns for 2016 (i.e., in 2017). Many exemptions are available. If you remain uninsured, you will want to visit healthcare.gov/exemptions-tool/ to find out if you may take advantage of any of them. 3