The individual shared responsibility provision of the Affordable Care Act requires you and each member of your family to have qualifying health care coverage (called minimum essential coverage), qualify for a coverage exemption, or make an individual shared responsibility payment when you file your federal income tax …

What is the individual shared responsibility penalty for 2019?

If an applicable individual isn’t 18 years old as of the beginning of the month, that person’s penalty that month shall be equal to one-half of the applicable dollar amount ($347.50 for 2019). For each subsequent year, the applicable dollar amount will be multiplied by the cost-of-living adjustment described below.

How does individual shared responsibility work in the Affordable Care Act?

The individual shared responsibility provision of the Affordable Care Act requires you and each member of your family to have qualifying health care coverage (called minimum essential coverage), qualify for a coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return.

Do you have to pay shared responsibility on your tax return?

Make a shared responsibility payment with their federal income tax return for the months that without coverage or an exemption. Under the Tax Cuts and Jobs Act, taxpayers must continue to report coverage, qualify for an exemption, or pay the individual shared responsibility payment for tax years 2017…

When is individual shared responsibility reduced to zero?

For tax year 2019 and 2020 returns Under the Tax Cuts and Jobs Act, the amount of the individual shared responsibility payment is reduced to zero for months beginning after December 31, 2018. The individual share responsibility provision requires qualifying health coverage, a coverage exemption or a shared responsibility payment.