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FYI for those who said, you only pay if you get a refund. Not true, in my case, I worked very little last year and I ended up owing taxes and also had to pay the penalty.
Actually you chose to pay it. Had you not paid it the only way they can actually take it is via a refund according to the ACA and the IRS websites. They cannot start any collection processes other than taking it from a refund. There is NO criminal action that can be taken for non payment of the "fine" like there can be if you refuse to pay actual taxes.
FYI for those who said, you only pay if you get a refund. Not true, in my case, I worked very little last year and I ended up owing taxes and also had to pay the penalty.
They can tell you that you owe the penalty, but they have no legal authority to collect it. There is no punishment for not paying the penalty. All they will do is withhold any taxes and penalties once you do have enough of a return.
The solution to that? Pay attention to how much is taken out of your check, and only allow enough taken out to break even (minus the penalty) each year.
There is NOTHING they can do about it, though they may try to bully you as they did by sending out scary mail to everyone threatening them.
Actually you chose to pay it. Had you not paid it the only way they can actually take it is via a refund according to the ACA and the IRS websites. They cannot start any collection processes other than taking it from a refund. There is NO criminal action that can be taken for non payment of the "fine" like there can be if you refuse to pay actual taxes.
I did my tax online and there were no option that I could avoid adding it to my return. If you are saying that I didn't have to pay only the penalty portion and just pay the amount of tax due then I just learned something new. Otherwise, there was no way out of including in my return, I looked everywhere. Had I known, I could have only paid the tax due without the penalty, I would have done exactly that. Good to know for future reference.
^^ with this mentality it is smart to hoard as much of your money as you can. So when the idiots think they are going to get you with bigger penalties you can live off your stash and keep your income way down.
Originally Posted by jimj View Post
Actually you chose to pay it. Had you not paid it the only way they can actually take it is via a refund according to the ACA and the IRS websites. They cannot start any collection processes other than taking it from a refund. There is NO criminal action that can be taken for non payment of the "fine" like there can be if you refuse to pay actual taxes.
^^ with this mentality it is smart to hoard as much of your money as you can. So when the idiots think they are going to get you with bigger penalties you can live off your stash and keep your income way down.
But not in a bank as the govt. has shown they can take those over easily or at a minimum remove your $$$$.
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