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Video instructions and help with filling out and completing Form 8965 2022
Today I'm going to talk about taxes in particular the shared responsibility payment this provision was part of the health care reform it requires each individual to either have health coverage have a health coverage exemption or make a shared responsibility payment with their tax return or essentially what's commonly known as the tax penalty contrary to what many believe there is still a tax penalty for not having health insurance for the 2022 and 2022 tax year I'm going to talk about one particular exemption today and I should preface what I'm going to say here just letting you know that I am NOT a licensed accountant by any means you should always consult your accountant but this is a exemption that a lot of people actually qualify for and this is the coverage considered unaffordable exemption what you're looking at here is the form eight nine six five that is a health coverage exemption form that could be filed with somebody's taxes so coverage considered unaffordable this exemption can be claimed for a lot of people who have what's considered short term health coverage or a health charing plan a lot of people will choose these options just because the alternative costs through the marketplace can be quite high if you're not getting a subsidy so let's look at a example here so a way to figure out if you're exempt from the shared responsibility payment is based on what the cheapest plan offered on the marketplace cost so the way this exemption works if the cheapest plan offered on the marketplace is more than eight point one six percent of your income then you would be exempt from the tax penalty so we'll go through an example here Lancaster County PA so a way you can figure out pretty quickly if you qualify for this exemption is we'll just put in the ages in a family so let's say we have two 60-year old people husband and life that makes seventy-two thousand dollars a year okay so we'll say we're married no dependents the first spouse is age sixty male second spouse age sixty female okay and then we'll enter in the income here so the the threshold first for getting a subsidy for a household of two is you know just over or just excuse me just under sixty-five thousand so let's say they make 72 grand this will show the cheapest and they go off the least-expensive plan on the marketplace whether that's a bronze or silver plan so you can see in this particular area the least expensive plan on the marketplace is $1,900 so to quickly calculate whether this or whether this couple would be exempt from the tax penalty would be to take their annual income which is 72 thousand multiplied zero eight one six because again we're looking at eight point one six percent that would equal 5 thousand eight hundred seventy five okay so if you annualize this 1900.