Health Insurance Inquiry
Does anyone know how much the tax penalty is for not having health insurance in New Jersey? I’ve been searching for an average figure or even a general range, but haven’t found much information. If you’ve experienced this firsthand, I’d appreciate any insights!
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In New Jersey, residents are subject to a penalty for not having health insurance which is tied to the state’s individual mandate. For the 2023 tax year, the penalty is either 2.5% of your annual household income that exceeds the filing threshold or a flat fee of $695 per adult and $347.50 per child, up to a maximum of $2,085 per family, whichever is higher.
This means the exact amount can vary significantly based on your income and family size. It’s a good idea to calculate both options to see which one applies to your situation. If you have any more questions or need help figuring it out, feel free to ask!