Like when we all played hide and seek as kids and it was time to bag it and go home the cry would go out. Olly olly oxen free. No penalty. Game over. Olly olly oxen free was given to non-participants of the Affordable Care Act in year one. If you didn’t obey the law and participate, no problem
Year two was a much different story. Fines for not participating were handed out. In all 6.6 million were issued. That’s 10% more than the Obama administration said would happen and the fine was up to 1% of a person’s total income.
That came to a whopping average of $190 says the National Taxpayer Advocate. It’s the in-house ombudsman for the IRS. Of the people fined, 300,000 over paid by an average of $110.
No decision yet by the IRS as to whether checks will be issued for the overpayment or if they’ll just issue credits.
Source link: Employee Benefit News