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What do I need to do if I am required to make a payment with my tax return?

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Question
What do I need to do if I am required to make a payment with my tax return?

Answer

For calendar year 2019, the dollar amount used to determine the penalty for not maintaining minimum essential health coverage is 0, per the Tax Cuts and Jobs act; for 2018 the amount was $695

 

 

2018 and prior years.  If you have to make an individual shared responsibility payment, the amount due is reported on line 61 of Schedule 4 for Form 1040 in the Other Taxes section. You only make a payment for the months you did not have coverage or qualify for a coverage exemption. The amount due (if any) is calculated in your total payment or refund amount on your tax return.  


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Article Details
Views: 1248 Created on: Nov 10, 2015
Date updated: Dec 04, 2019
Posted in: Healthcare

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