The Department of Revenue has approved a 2011 penalty schedule for those who are able to afford the purchase of health insurance but fail to do so. The Massachusetts Health Care Reform Act of 2006 requires most adults 18 and over with access to affordable insurance to obtain it, and requires DOR to announce a penalty schedule for individuals who do not comply with the law.
In all but two instances, the penalties will remain the same as for tax year 2010.
However, in the case of individuals ages 18 to 26 whose income exceeds $32,496, the penalty will increase $6 per month, to $864 annually; while in the case of individuals age 27 and older whose income exceeds $32,496, the penalty will increase $8 per month, to $1,212 annually.
The penalties are pegged to half the cost of the least expensive health plan available that is approved by the Health Connector Authority.
Individuals whose income is less than 150 percent of Federal Poverty Line (FPL) or $16,248 pay no penalty, while those between 150 percent and 300 percent of FPL will pay the same penalties as last year, since the cost of Commonwealth Care insurance for them has not risen.
Two Important Dates for Individual Taxpayers posted on Oct 26
As we prepare to launch MassTaxConnect, the Commonwealth’s new state-of-the-art, electronic tax system for individual taxpayers on December 5, 2016, we want you to be aware of two important dates. On October 26, the current web option for individuals to set up payment agreements will …Continue Reading Two Important Dates for Individual Taxpayers
Your Mass State Taxes Made Easier posted on Mar 9
With the tax season now in full swing, there are several resources at your fingertips to make filing your taxes hassle-free. Enhanced Website Earlier this year, we launched a new DOR homepage, making it faster now to find exactly what you need to file and …Continue Reading Your Mass State Taxes Made Easier
3 Steps to Catch Up on Back MA Taxes While Avoiding Penalties posted on Mar 4
Watching a game-winning goal in overtime is as exciting as hockey gets. With DOR’s MA TAX AMNESTY 2016, you can stay out of the penalty box by paying only what you owe. Read on to find out more. What is MA TAX AMNESTY 2016? It’s …Continue Reading 3 Steps to Catch Up on Back MA Taxes While Avoiding Penalties