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Shared Responsibility Tax, what is it?
Posted: February 8th, 2015, 5:46 pm
by marc
So I'm just getting wind of this and I don't really have good links to share that aren't from the IRS. Any experts or experienced folks here regarding this?
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 8:48 am
by mes5464
Here is what I found:
Shared Responsibility Payments
For any month during the year that you or any of your dependents don’t have minimum essential coverage and don’t qualify for a coverage exemption, you will need to make an individual shared responsibility payment with your tax return.
In general, the annual payment amount is the greater of a percentage of your household income or a flat dollar amount, but is capped at the national average premium for a bronze level health plan available through the Marketplace. You will owe 1/12th of the annual payment for each month you or your dependent(s) don’t have either coverage or an exemption.
If you must make a payment, you can use the worksheets located in the instructions to Form 8965, Health Coverage Exemptions, to figure the shared responsibility payment amount due. For more information about determining the amount and reporting your payment on your tax return, see our Calculating the Payment page.
http://www.irs.gov/Affordable-Care-Act/ ... -Provision" onclick="window.open(this.href);return false;
Basically, you have to pay a fine for every month you don't have insurance.
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 3:53 pm
by marc
Thanks, mes5464. Looks like a lot of people are going to be paying extra money to the IRS.
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 4:02 pm
by marc
So does anyone on this forum have a job that does NOT provide "health care" nowadays? I guess I should count myself lucky that my wife and I work in a big company that provides a lot of coverage and benefits. Whatever that means anymore.
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 4:13 pm
by Ezra
Me. And I make sure to be exempt from taxes.
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 4:16 pm
by marc
The little devil in me wants to go back in time to 1913 and punch someone in the face. X(
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 4:17 pm
by Ezra
Me too
Re: Shared Responsibility Tax, what is it?
Posted: February 9th, 2015, 8:16 pm
by karend77
coachmarc wrote:The little devil in me wants to go back in time to 1913 and punch someone in the face. X(
Somebody find a time machine quick...I'm in B-(
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 8:24 am
by scottja
There are some exemptions to this tax. One of the easiest is to get a utility disconnect notice. Strategically don't pay your water bill. Then after you get a disconnect notice go pay your bill. This disconnect notice is evidence of a hardship and creates an exemption to this tax.
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 5:17 pm
by KMCopeland
coachmarc wrote:So does anyone on this forum have a job that does NOT provide "health care" nowadays? I guess I should count myself lucky that my wife and I work in a big company that provides a lot of coverage and benefits. Whatever that means anymore.
The Wal-Mart in our town keeps many people at 38 hours a week so they don't have to provide them with benefits. Wal-Mart employees qualify for food stamps and Medicaid like you wouldn't believe. Amounts to a huge taxpayer subsidy for Wal-Mart to pay starvation wages. Wal-Mart has an enormous profit margin. They could afford to pay their people better. But why should they when you and I take up the slack?
People who work for themselves -- realtors, doctors in solo practice, solo practitioner lawyers, non-chain restaurant owners, any beginning entrepreneur -- they all have to go out on the open market to buy health insurance.
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 5:26 pm
by marc
Just another reason why I closed my company doors. I was a contractor for many years, but because of too much regulation, "continuing education," and more red tape just to stay in business, it just wasn't worth it any more. And add to that, I just wasn't able to compete with other contractors who paid under the table, carried no workman's comp, etc, with employees who didn't care either way. I always played by the rules. But those who have the gold make the rules. You can't be honest in a dishonest system and still prosper. Our captivity is being made more and more oppressive. This is exactly what our founding fathers escaped and fought to prevent with the birth of a "free country." We haven't been truly free in a long time.
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 5:32 pm
by KMCopeland
coachmarc wrote:Just another reason why I closed my company doors. I was a contractor for many years, but because of too much regulation, "continuing education," and more red tape just to stay in business, it just wasn't worth it any more. And add to that, I just wasn't able to compete with other contractors who paid under the table, carried no workman's comp, etc, with employees who didn't care either way. I always played by the rules. But those who have the gold make the rules. You can't be honest in a dishonest system and still prosper. Our captivity is being made more and more oppressive. This is exactly what our founding fathers escaped and fought to prevent with the birth of a "free country." We haven't been truly free in a long time.
But you can't give up on us. You need to keep trying.
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 5:47 pm
by marc
Well, I also have another business (LLC), but I think I will let that license lapse this year and close my accounts as well. My priorities have completely changed in the last couple years. I just don't seek wealth anymore. I used to be a big time entrepreneur and capitalist. Money and prosperity was my focus. But it just isn't anymore. Furthermore, I want nothing at all to do with the material world. I am becoming a minimalist, paying off my debts and focusing on Zion in my life. I have had some very significant spiritual experiences, which I cannot ignore. Nothing else matters. I just cannot help but feel deep inside that this will be a pivotal year. I don't think we will recognize next year. I could be wrong of course, but somehow, I just don't think so. So I'm not giving up. I'm just completely refocusing my energy.
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 5:58 pm
by KMCopeland
coachmarc wrote:Well, I also have another business (LLC), but I think I will let that license lapse this year and close my accounts as well. My priorities have completely changed in the last couple years. I just don't seek wealth anymore. I used to be a big time entrepreneur and capitalist. Money and prosperity was my focus. But it just isn't anymore. Furthermore, I want nothing at all to do with the material world. I am becoming a minimalist, paying off my debts and focusing on Zion in my life. I have had some very significant spiritual experiences, which I cannot ignore. Nothing else matters. I just cannot help but feel deep inside that this will be a pivotal year. I don't think we will recognize next year. I could be wrong of course, but somehow, I just don't think so. So I'm not giving up. I'm just completely refocusing my energy.
I'm genuinely glad to hear all that.
Re: Shared Responsibility Tax, what is it?
Posted: February 10th, 2015, 6:21 pm
by Daryl
Muerte Rosa wrote:FANTASTICO!!
Written like a true believer.