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No health insurance? Prepare to pay the penalty

March 10, 2014: 6:00 AM ET

Time is running out to sign up for individual health insurance. And if you don't have some type of coverage this year, be prepared to pay a penalty.

Obamacare requires most Americans to get insurance through an employer, the government or directly from an insurer in 2014. If they don't, they have to fork over a fee to the Internal Revenue Service at tax time.

Uninsured adults will either pay a flat fee for themselves and their children or pay a share of their income. For 2014, it's $95 or 1% of income, per adult, whichever is greater. The penalties go up in later years.

Most low-income residents will only have to shell out $95, but the costs can add up for others. An individual could be socked with a $3,600 charge, and a couple with two children could owe between $285 and $11,000.

How much will you have to pay? The Tax Policy Center has created a calculator to help you tally the penalty.

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