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https://www.irs.gov/affordable-care-act/the-individual-shared-responsibility-payment-an-overview
The individual shared responsibility payment is capped at the cost of the national average premium for the bronze level health plan available through the Marketplace in 2014. You will make the payment when you file your 2014 federal income tax return in 2015.
How the payment is determined. In general, the Shared Responsibility Payment is one of the following: A flat dollar amount. For 2018, it is $695 per person (half that for individuals under 18) and capped at the amount for 3 adults. A percentage of your income (your excess income amount).
A shared responsibility payment is a tax penalty created by the Affordable Care Act (and in some cases by state laws). There are two types of shared responsibility payments: the employer shared responsibility payment and the individual shared responsibility payment.
The individual shared responsibility payment, created by the ACA’s individual mandate, was a tax penalty imposed on individual US citizens and legal residents who didn't have health insurance between January 1, 2014 and December 31, 2018. The penalty was eliminated after the end of 2018, under the terms of the Tax Cuts...
The individual shared responsibility provision requires taxpayers to do at least one of the following: Have qualifying health coverage called minimum essential coverage.
The Taxpayer Advocate Service developed the Individual Shared Responsibility Provision - Payment Estimator to help you estimate the amount you may have to pay if you did not have minimum essential coverage during the year. The Tax Cuts and Jobs Act (TCJA) reduced the Individual Shared Responsibility Payment to zero for tax year 2019 and beyond.
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| Form 1040 |
