Do you remember a game show called “Press Your Luck”? As a youth growing up, I can remember being on summer break from school and coming inside from playing with my neighborhood friends and watching “Press Your Luck” on the only TV we had in the house. This was back in the day before every kid had a video game console where they could interface with their virtual friends across the globe. I am not sure who the game show host was but it was not Wink Martindale or my favorite Bob Barker using that fabulous skinny microphone. There would be contestants shouting, “Big bucks, big bucks no whammies”! A whammy was like the old maid card. Your fortunes would suddenly turn bad when this card showed up in your hand.
Enough of reminiscing about my youth, soon some will find they have come across the dreaded double whammy. You see as the tax filing deadline approaches these unfortunate people will find out that since they did not have health insurance in 2014 they will get an unexpected tax whammy. But the story could get worst for them if they are a procrastinator and wait until the close to the ides of April (April 15 for you non Julius Caesar fans) to file their 2014 federal tax return, they will find out they have received the dreaded double whammy. Not only will they receive a tax penalty for 2014, they will also receive one in 2015. The deadline to sign up for the health insurance, due to the Affordable Care Act or Obamacare, is the ides of February (February 15th).
If you do not have health insurance yet for 2015, you do not want to miss the deadline to sign up for health coverage. You can do so at HealthCare.gov. By signing up for 2015 health coverage by February 15th, you can at least miss out on the horrible 2015 whammy. I hope you will not get the terrible double whammy, 2014 and 2015 tax penalties for not having health coverage.
When you were a child on summer break from school, what were some of your favorite shows to watch on TV? Please take the time to comment below and do not forget to sign up for my newsletter.
Author
Isaac is a Fee-Only (no products sold) Certified Financial Planner® Practitioner. Isaac founded Stalwart Financial Planning with offices in Fayetteville NC and Durham NC. Isaac provides comprehensive planning and investment management services to individuals from all walks of life. Isaac can be reached by phone at 910-867-8464, or by email (iallen@StalwartPlanning.com). Visit him at Stawart Financial Planning www.StalwartPlanning.com.