I’ve been receiving questions about the individual mandate for 2014.
The law states that you may be subject to a fine if you go three consecutive months without medical insurance after March 31, 2014. Â If you go without you may face a penalty on your 2014 federal tax return, only if you’re subject to the mandate.
I’m getting the same questions as well.
Just remember that the penalty period occurs AFTER March 31st. Many think that it it applies to January 2014 moving forward. The $95 or 1% of your taxable income, whichever is greater, will be the fine applied toward your taxes.
Thanks Warren, I omitted that part. Post corrected.