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Tax Penalties and Health Care

Cedar Rapids, IA (CBS 2/FOX 28) - The tax deadline has now passed, but accountants can't take a break quite yet - they're busy looking into health insurance and what it means for your taxes next year. Americans without minimum essential health coverage will face a tax penalty next year.

A single person making $30,000 a year would have to pay about $199 or about one percent of income over the tax filing. For someone making $50,000 dollars a year the penalty is around $399.

The penalty will keep growing each year.  

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