October 22, 2015
Below are reminders for when the 2016 open enrollment period will be for obtaining health insurance through the Federal or a State Marketplace, and what the individual shared responsibility (penalty) will be for not having insurance for all or part of 2015.
2016 Affordable Care Act Marketplace Open Enrollment Period
The time period for individuals to either renew or obtain health insurance through a Federal or State Marketplace for 2016 will begin on November 1, 2015 and end on January 31, 2016.
Individuals who had health insurance through a Marketplace for 2015 will be automatically enrolled and should have already received a letter from the Federal or State Marketplace.
2015 Individual Shared Responsibility Payment (Penalty)
Just as in 2014, all individuals must have health insurance coverage for all of 2015. If an individual (and/or their family members) does not have health insurance for all or part of 2015 and they do not qualify for a health coverage exemption, they will owe an additional tax (penalty or individual shared responsibility payment).
It is important to note that most individuals who do not have health insurance will qualify for an exemption, so before determining what their penalty will be, tax preparers should determine if the individual qualifies for one of the health coverage exemptions.
For more information on health coverage exemptions and how to apply for them, see the Health Care Exemptions section of How the Affordable Care Act Will Affect Individuals on the CrossLink website.
If an individual does owe a penalty (which has risen substantially from 2014) for 2015, it will be calculated as the greater of:
If an individual did not have health insurance for part of the year, the penalty is pro-rated for the number of months they did not have coverage during 2015.
For more information see the following on the IRS website:
Kiddie Tax Change and Form 8615
February 12, 2020
IRS Expands Their Identity Protection PIN (IP PIN) Program
January 23, 2020
2019 Federal Return and the Affordable Care Act
January 3, 2020
Extender and Disaster Tax Relief Provisions Included in the 2020 Consolidated Appropriations Legislation
December 27, 2019
Reminder of 2019 Federal Tax Changes
December 11, 2019
Virtual Currency and Form 1040, Schedule 1
November 11, 2019