What do you like about Singapore's taxes?

What if I get insurance after March 31st? Will I still have to pay a "fine" when I file for taxes next year?

• My wife works full-time at a small business and I have a part-time job which doesn't offer insurance. My wife tried adding me to her insurance, but it would be about $500 a month and we can't afford that. Also, her insurance is going up this year (I'm guessing because of the new healthcare law). I tried signing up on http://healthcare.gov and after struggling with their website, I decided to call and sign up over the phone. They told me I do not qualify for any discounts. My wife and I  make enough money to get by, but we have lots of bills to pay and we're still making payments for her car and saving money to see if I can go back to school. The person on the phone said my options are to get insurance through them, but I wouldn't be able to get a discount or I could just shop for insurance on my own. When I checked prices it goes from $280 a month with really high deductibles and very little coverage. I really can't afford paying $250 -$300 a month. What are my options? What if I get a job that offers health insurance later this year? Do I still have to pay a fine when I file for taxes in 2015?

• Answer:

  The tax for not having health insurance is calculated monthly. If you get a job with health insurance that started in July, you would only pay half of the penalty ($95 of 1% of income in 2014). You may also be able to get a waiver since the cost of adding you to your spouse's policy was so high. This waiver will be processed as part of your 2014 taxes.