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When the Tax Cuts and Jobs Act went into effect in 2018, it eliminated this tax penalty as of tax year 2019. The worksheets located in the instructions [ 15 ] to Form 8965, Health Coverage Exemptions , could be used to figure the shared responsibility payment amount that was due while still in effect.
Under the individual mandate provision (sometimes called a "shared responsibility requirement" or "mandatory minimum coverage requirement" [3]), individuals who are not covered by an acceptable health insurance policy will be charged an annual tax penalty of $95, or up to 1% of income over the filing minimum, [4] whichever is greater; this will ...
Health insurance companies become subject to a new excise tax based on their market share; the rate gradually rises between 2014 and 2018 and thereafter increases at the rate of inflation. The tax is expected to yield up to $14.3 billion in annual revenue. [83]
Jeanie Ahn shares a quick sum-up of the biggest tax changes the average filer can expect as you're preparing your 2018 tax return.
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Sure, it’s not even New Year’s Eve yet, but the deadline to file 2018 taxes is looming (April 15, 2019, to be exact) and, with a bunch of tax reform changes to know about, a jump-start now ...
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