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Video instructions and help with filling out and completing Shared responsibility payment calculator
Hi I'm Jeff level a staff accountant with a a accounting and today we're going to talk about how to avoid the shared responsibility payment under the Affordable Care Act the Patient Protection and Affordable Care Act of 2022 or PPACA is sometimes referred to as Obamacare under this law medium and large employers must provide their workers with the option to buy health insurance and all US citizens and resident aliens regardless of age must have health insurance for themselves and their families or pay a penalty called the shared responsibility payment on their federal tax returns for 2022 the minimum penalty is 695 dollars and is based on the size of your household and your total household income taxpayers with larger families and higher incomes pay higher penalty amounts the penalty is capped at two and a half percent of your total asset income over your filing threshold which is typically between ten and twenty thousand dollars or two thousand eighty five dollars whichever one is greater total household income includes the income of everyone in your household who is required to file a tax return even dependents one way to avoid the penalty is to have minimum essential coverage in other words health insurance for every member of your household for all 12 months of every year minimum essential coverage includes Medicare VA insurance Cobra most forms of state issued and Medicaid private insurance insurance purchased on the healthcare marketplace exchange and employer provided health insurance supplemental insurance like Aflac doesn't count nor do standalone dental or vision policies accident or disability plans or workers compensation the other main way to avoid the penalty involves getting an exemption the two types of exemptions are those that you apply for through the Department of Health and Human Services at healthcare.gov and those you apply for through the IRS on your tax turn common marketplace exemptions include being a member of certain religious sects that are opposed to insurance such as the Amish being a member of a federally recognized Indian tribe belonging to a health sharing ministry not being in the u.s. legally we're not living in the US for over a year facing an economic or other hardship common hardships include the loss of employer provided health insurance coverage having large outstanding medical debts being bankrupt or insolvent facing an eviction or being evicted from your home being homeless or the victim of domestic violence or natural disaster or having your home destroyed suffering from an unexpected illness or caring for a sick family member or being incarcerated common exemptions you apply for on your tax return include the affordability exemption which says that if your health care premiums are more than eight point thirteen percent of your income the premiums are considered unaffordable and you're not required to have health insurance the short coverage gap which says you can have a gap in your health insurance for two months or less and not pay ...