For any month during 2015 you or any of your family members didn’t have minimum essential health insurance coverage or didn’t quality for a coverage exemption, you will be required to make an individual shared responsibility payment when you file your 2015 tax return. To determine if you’re eligible for a coverage exemption or are required to make an individual shared responsibility payment, use this tool at the IRS.gov website.
If you do not qualify for a coverage exemption and must make an individual shared responsibility payment:
- You should pay it with your tax return or in response to a letter from the IRS requesting payment. You should not make the payment directly to any individual or return preparer.
- The amount due is reported on Form 1040 in the Other Taxes section, and in the corresponding sections of Form 1040A and 1040EZ. You only make a payment for the months you or your dependents did not have coverage or qualify for a coverage exemption.
- In most cases, the shared responsibility payment reduces your refund. If you are not claiming a refund, the payment will increase the amount you owe on your tax return.
At Account On Us, you can rest assured that you are dealing with a tax preparer that is highly trusted and respected in the community. We are a Diamond Parter in the St. Cloud Chamber of Commerce and have been on the Board of Directors for many years. We are here to serve, guide and direct you. If you’re looking for the best in accounting service, payroll services, tax planning and more… call us at 407.892.1066!