Prepare for the New California Individual Health Care Mandate – There could be Penalties
The Federal government repealed the penalty for failure to maintain health insurance (referred to as the “individual mandate”) starting with the 2019 tax year.
In response to the federal government’s repeal, the State of California will charge an individual who fails to secure qualifying coverage an annual penalty of $695 or more when they file their 2020 California income tax return. The minimum penalty for families of four or more individuals is $2,085. The penalty can rise as high as 2.5% of household income, which can be thousands of dollars.
Be sure to maintain your health insurance coverage to avoid this costly California tax penalty.
If You Make Less Than
You May Pay
Family of 4
The open enrollment period to sign up for health care coverage through Covered California is scheduled for October 15, 2019 through January 31, 2020.