IRS: Parents Must Pay Federal Fine for Uninsured Kids
In new, final regulations issued Wednesday, the Internal Revenue Service (IRS) said that parents must pay a federal fine under Obamacare if their children or dependent spouses are uninsured for any part of the year.
The regulations clarify provisions of Obamacare that seem to say that a parent will be held liable for Obamacare’s individual mandate penalty if they don’t have insurance coverage for their children.
While the per-person penalty is capped each year, families can still owe more if their income is high enough because the law states that families must pay the greater of either the per-person penalty of 2.5 percent of their taxable income.
CNS NewsIf the "child" is working and does not have their own health insurance, their income is added to their parent's and used to calculate the total penalty as a percentage of the combined income. Insane.
