Is the fine for not having insurance based on gross income or taxable income?

  • by MARY
  • Jan 19,2015
  • 4 answers

Is the fine for not having insurance based on gross income or taxable income?


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Insurance Answers (4)

StephenWeinstein 6 months ago

Neither. It is based on the amount by which your gross income exceeds the amount that a person can have without being required to file taxes. In many cases, the amount that a person can have without being required to file taxes equals the amount that is non-taxable, so the amount used to calculate the penalty may be equal to taxable income. This does not always happen.

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NA 6 months ago

What kind of insurance?
If you don't have dependents, have a positive net worth and enough savings to cover things, you can drop life insurance.
I would never drop liability, car, medical or house insurance.

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Bob 6 months ago

Gross

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Beverly S 6 months ago

Based on Gross income

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