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FAQ

Does the shared responsibility payment apply in 2021?
Under the new law, California residents who do not have coverage for themselves and their dependents in 2022. and who do not otherwise qualify for an exemption, will pay an Individual Shared Responsibility Penalty when they file their 2022 California income tax returns in 2021.
How is shared responsibility payment calculated?
The annual payment amount is either a percentage of your household income in excess of the return filing threshold or a flat dollar amount, whichever is greater. If you have coverage or an exemption for only part of the year, you will prorate your payment for an amount less than the annual payment.
How is individual shared responsibility payment calculated?
The 2022 applicable dollar amount for adults is $750, calculated as follows. Applicable dollar amount in 2022 = $695. California CPI in June 2022 = 255.576. California CPI in June 2022 = 280.956. Cost-of-living adjustment = 280.956 ÷ 255.576 = 1.0993. Applicable dollar amount in 2022 = 1.0993 × $695 = $764.02.
What is the amount of the individual shared responsibility in 2021?
The California Individual Shared Responsibility Penalty (ISRP) is either a flat penalty per household member or 2.5% of gross household income that exceeds California's filing threshold, whichever is higher.
Is there still a shared responsibility payment?
Enacted in December 2022. the Tax Cuts and Jobs Act (TCJA) reduced the shared responsibility payment to zero for tax year 2022 and all subsequent years. For January 1, 2022 and beyond, taxpayers are still required by law to have minimum essential coverage or qualify for a coverage exemption.
What is individual shared responsibility penalty 2021?
The California Individual Shared Responsibility Penalty (ISRP) is either a flat penalty per household member or 2.5% of gross household income that exceeds California's filing threshold, whichever is higher.
What is the ACA shared responsibility payment?
The employer shared responsibility payment is a tax penalty imposed on businesses with 50 or more full-time equivalent employees if the businesses don't offer affordable health insurance benefits, or if the benefits offered do not provide minimum value.
What is the amount of her individual shared responsibility penalty?
The California Individual Shared Responsibility Penalty is either 2.5% of gross household income exceeding California's filing threshold or a flat penalty per family member.
Do I have to pay the shared responsibility payment?
Enacted in December 2022. the Tax Cuts and Jobs Act (TCJA) reduced the shared responsibility payment to zero for tax year 2022 and all subsequent years. For January 1, 2022 and beyond, taxpayers are still required by law to have minimum essential coverage or qualify for a coverage exemption.
Is there a shared responsibility payment in 2021?
Under the new law, California residents who do not have coverage for themselves and their dependents in 2022. and who do not otherwise qualify for an exemption, will pay an Individual Shared Responsibility Penalty when they file their 2022 California income tax returns in 2021.
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