Affordable Care Act

ACA Interview

Tax Slayer entry:

Health Insurance

  • Medical coverage must be considered for every member of the household claimed on the return.
  • This should be the last thing done on the return except for education benefits, after the AGI has stabilized!
  • Tax Slayer makes the ACA process fairly easy. Simply answer the questions as presented.

(1-4) Health care plans that meet the ACA Minimum Essential Coverage (MEC) specifications:

(5) If insurance was purchased from the Marketplace, go to the ACA -Marketplace page.

(6-7) If the taxpayer qualifies for an exemption, go to the ACA – Exemptions page.

(8) Shared Responsibility Payment (SRP)

In the Shared Responsibility Payment Worksheet portion, for any checked boxes for the months that the person DID NOT:

  • Have minimal essential coverage (MEC), or
  • Qualify for a coverage exemption,

an SRP amount will be calculated and carried over to Form 1040 line 19.

The SRP increases each year and is the greater of (a) or (b): 2014 2015 2016 Thereafter
a)     Percentage of household income that is above the tax return filing threshold for the taxpayer’s filing status 1% 2% 2.5% 2.5%
b)     The tax family’s flat dollar amount which is the sum of the amount for each adult and for each child in the tax family, limited as noted: Annual amounts

(divide by 12 for monthly amounts)

    Per adult $95.00 $325.00 $695.00 *
    Per child (under age 18 at any time during the month) $47.50 $162.50 $347.50 *
    Limited to $285.00 $975.00 $2,085.00 *
     * May increase with inflation