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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 2021, the dollar amount used to determine the penalty for not maintaining minimum essential health coverage is 0 (2020 and 2019 also), 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: 2145 Created on: Nov 10, 2015
Date updated: Nov 11, 2021
Posted in: Healthcare

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