What is a Health Care Reform Tax Penalty [Calculator]?

You may already know that starting in 2014 most Americans are required to have health insurance under the Affordable Care Act, but did you know that individuals who do not have health insurance could face a tax penalty in 2015?

If you already have insurance through your employer, Medicaid, Medicare, or a private provider, you are already covered and will not receive a penalty.

If you don’t currently have insurance, there’s a window for enrollment – the government has given families and individuals from October 1, 2013 to March 31, 2014 to purchase health care plans through their state or federal Health Insurance Marketplace.

For those who do not plan on purchasing insurance before the March 31, 2014 deadline, the federal government has identified more than 30 ways to qualify for an exemption, including hardship cases. The IRS has a free online tool to determine if you’re eligible for an…