Penalty for Opting Out of the Affordable Care Act Is Large ($12,240) and Growing | WHAT REALLY HAPPENED

Penalty for Opting Out of the Affordable Care Act Is Large ($12,240) and Growing

If you're opting out of the health-care coverage required by the Affordable Care Act, make sure you understand how much you'll owe Uncle Sam as a result.

For a family of five, the penalty could be as high as $12,240 for the 2014 tax year, experts say. And for many people, the penalty will rise sharply in 2015 and 2016.

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