Tax Slayer entry:
- 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 child (under age 18 at any time during the month)||$47.50||$162.50||$347.50||*|
|* May increase with inflation|