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2015 2014 1 (Individual Shared Responsibility Payment) 2015 325 / 2% 2016 695 / 2.5%

How to fill out shared responsibility payment

How to fill out shared responsibility payment:

1. Obtain the necessary forms: To fill out the shared responsibility payment, you will need Form 8965, Health Coverage Exemptions, which can be obtained from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Determine if you qualify for an exemption: Before filling out the payment, you must determine whether you qualify for any exemptions from the shared responsibility payment. The IRS provides a list of exemptions, including certain hardships, religious exemptions, and coverage gaps. If you qualify for an exemption, you do not need to fill out the shared responsibility payment.
3. Calculate your individual shared responsibility payment amount: If you do not qualify for an exemption, you will need to calculate your shared responsibility payment amount. To do this, you will need to know how many months you or your household members do not have qualifying health coverage throughout the year. The IRS provides instructions on how to calculate this amount on Form 8965.
4. Fill out Form 8965: Using the instructions provided by the IRS, fill out Form 8965 accurately and completely. Make sure to include your personal information, exemption details (if applicable), and the calculated shared responsibility payment amount.
5. Attach Form 8965 to your tax return: Once you have filled out Form 8965, attach it to your individual tax return when filing your taxes. Follow the instructions provided by the IRS on how to attach supporting documents to your tax return.
6. Pay the shared responsibility payment: If you owe a shared responsibility payment, make sure to include the payment amount with your tax return. The IRS offers various payment options, including electronic payments, check, or money order. Make sure to submit your payment by the due date to avoid penalties or interest charges.

Who needs shared responsibility payment:

1. Individuals without qualifying health coverage: The shared responsibility payment is required for individuals who do not have qualifying health coverage for themselves or their dependents throughout the year. Qualifying health coverage includes employer-sponsored plans, government programs such as Medicare or Medicaid, and individual health insurance plans that meet minimum essential coverage requirements.
2. Individuals who do not qualify for exemptions: If an individual does not qualify for any exemptions from the shared responsibility payment, they will be required to pay the penalty. Exemptions can be based on factors such as income, hardships, religious beliefs, or coverage gaps. It is important to carefully review the exemptions provided by the IRS to determine if you qualify.
3. Those who meet income thresholds: The shared responsibility payment is calculated based on an individual's income and the number of months without qualifying health coverage. If an individual's income falls below the required filing threshold, they may not be required to pay the shared responsibility payment. However, it is recommended to review the IRS guidelines or consult a tax professional to determine eligibility.

Overall, individuals who do not have qualifying health coverage and do not qualify for any exemptions are generally required to pay the shared responsibility payment when filing their taxes. It is important to understand the requirements and procedures outlined by the IRS to ensure compliance with the law.

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What is shared responsibility payment?

Shared responsibility payment is the fee individuals must pay if they don't have health coverage that qualifies as minimum essential coverage.

Who is required to file shared responsibility payment?

Individuals who do not have qualifying health coverage and do not qualify for an exemption are required to file shared responsibility payment.

How to fill out shared responsibility payment?

You can fill out shared responsibility payment by using Form 8965 and attaching it to your tax return.

What is the purpose of shared responsibility payment?

The purpose of shared responsibility payment is to encourage individuals to have health coverage and help keep insurance premiums affordable.

What information must be reported on shared responsibility payment?

Information such as your household size, income, and health coverage status must be reported on shared responsibility payment.