WASHINGTON -(Dow Jones)- The Internal Revenue Service won't audit you to make sure you have purchased health insurance under provisions of the new health-care law--but it may withhold your tax refund if you can't demonstrate that you are insured, an IRS official said Thursday. Under the new law, penalties for failure to purchase health insurance apply starting in 2014. By 2016, the penalty for lacking qualifying
insurance is the greater of $695 per year, or 2.5% of household income up to $2,085.
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