Affordable Care Act Individual Shared Responsibility Payment

Health care coverage is now required under the Affordable Care Act, also known as “Obamacare.” If you do not have coverage, the IRS can charge you with an individual shared responsibility payment when you file your taxes in 2015. In their article on the subject, the IRS lists three reasons why you would have to make a payment: You have not signed up for a qualifying form of health insurance coverage. You had a gap in coverage in 2014. (If it was less than 3 consecutive months, you might qualify for an exemption.) You didn’t qualify for an exemption. The amount you owe will be based on the greater of: 1% of your household income that is above the tax return filing threshold … [Read more...]