The penalty for a family not having health insurance in 2020 could be $2,000 or more. If you aren’t covered for most of the year in 2020, you could face a penalty at tax time unless you qualify for an exemption.
|Estimates of the penalty for not having health insurance*
|Family of 4 (two children)
How to estimate your penalty
The penalty will be either a flat amount based on the number of people in the household, or a
percentage of the household income. Individuals will pay the higher amount of the two calculations:
- Flat amount
You pay $695 per adult and $347.50 per child.
- Percentage of household income
You pay 2.5% of your gross income that is above the filing threshold based on your tax filing status and number of dependents.
You can use the tool below to estimate the penalty you may owe if you didn't have qualifying health insurance coverage last year.
Estimate tax penalty