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IRS Shared Responsibility Payment (Penalty Tax) Under Affordable Care Act

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Sherri Jefferson

Sherri Jefferson

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IRS Shared Responsibility Payment (Penalty Tax) Under Affordable Care Act

This episode will discuss the IRS Shared Responsibility Payment (Penalty Tax) Under Affordable Care Act.  As most Americans know by now respectfully, there is nothing Affordable about the Affordable Healthcare Act and the imposition of a IRS Shared Responsibility Payment (Penalty Tax) Under Affordable Care Act is an example.  Under the IRS guidelines,

"If you (or any of your dependents) do not maintain coverage and do not qualify for an exemption, you will need to make an individual shared responsibility payment with your return. In general, the payment amount is either a percentage of your income or a flat dollar amount, whichever is greater. You will owe 1/12th of the annual payment for each month you (or your dependents) do not have coverage and are not exempt. The annual payment amount for 2014 is the greater of:

  • 1 percent of your household income that is above the tax return threshold for your filing status, such as Married Filing Jointly or single, or
  • Your family’s flat dollar amount, which is $95 per adult and $47.50 per child, limited to a maximum of $285."
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