If you’re not exempt from the Obamacare health insurance mandate, you must obtain at least minimal coverage by March 31, 2014 for yourself and your dependents to avoid a tax penalty (officially called a “shared responsibility payment”).

There has been a good deal of misinformation about this penalty—many news stories and websites have stated that the penalty for 2014 is only $95. This is true only for a small minority of Americans—for most people who fail to get insurance it will be much higher.

For complete details on the amount of the penalty for 2014 and later, and how the IRS intends to collect it, see How Much is the Obamacare Individual Penalty in 2014?