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1 The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. 2  If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. 2  Tip: The late filing penalty can be 10 times higher than the late payment penalty.
So you could end up owing the IRS a lot of money. Take a married couple with $100,000 in income - their bill comes to $797, according to the Tax Policy Center ACA penalty calculator. The penalty for remaining uninsured rises to the larger of $325 or 2% of income in 2015. Related: Obamacare 2.0 sign ups hit 9.5 million. As millions of Americans sit down in coming weeks to compile their tax returns, they'll have to contend with Obamacare's health insurance mandate for the first time.