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Tag Archives: Insurance

Relief from the Affordable Care Act Penalty for Not Being Insured

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 15, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

Tax PenaltiesThanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. 

The elimination of this penalty as of 2019 does not impact the health care subsidy for low-income families, which is known as the premium tax credit and which is available for policies acquired through a government insurance marketplace. This elimination also does not affect the penalties assessed on employers that do not offer affordable insurance to employees and that have 50 or more full-time-equivalent employees. 

However, the penalty still applies for individual taxpayers who did not have minimum essential health coverage for 2018 and is the greater of the sum of the family’s flat dollar amounts or 2.5% of the amount by which the household’s income exceeds the income-tax-filing threshold. 

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Posted in Health Care Reform, Tax Central | Tagged Insurance, Medical, Tax Reform
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