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By Catholic Online (NEWS CONSORTIUM)

2/26/2014 (1 year ago)

Catholic Online (www.catholic.org)

Obamacare tax must be paid with tax return

It appears that the White House is counting that no one takes much notice about the phrasing in a new law. U.S. President Obama's Internal Revenue Service has, with little fanfare, released a series of Obamacare "Health Care Tax Tips." These notices warn Americans that they must obtain "qualifying" health insurance - as defined by the federal government - or face a "shared responsibility payment" when filing their tax returns in 2015.

It's not-so veiled threat. 'The Individual Shared Responsibility Payment - an Overview,' the agency warns Americans they must prove they were covered each and every month of the year.

It's not-so veiled threat. "The Individual Shared Responsibility Payment - an Overview," the agency warns Americans they must prove they were covered each and every month of the year.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/26/2014 (1 year ago)

Published in Politics & Policy

Keywords: Obamacare, taxes, veiled threat


LOS ANGELES, CA (Catholic Online) - The term "shared responsibility payment" refers to the Obamacare individual mandate tax. This is just one of at least seven tax hikes in health care reform that directly affects families making less than $250,000 per year.

In "Four Tax Facts about the Health Care Law for Individuals" the agency writes:

Light up the darkness by going here --

"Your 2014 tax return will ask if you had insurance coverage or qualified for an exemption. If not, you may owe a shared responsibility payment when you file in 2015."

It's not-so veiled threat. "The Individual Shared Responsibility Payment - an Overview," the agency warns Americans they must prove they were covered each and every month of the year --

"For any month in 2014 that you or any of your dependents don't maintain coverage and don't qualify for an exemption, you will need to make an individual shared responsibility payment with your 2014 tax return filed in 2015."

It gets better. In "IRS Reminds Individuals of Health Care Choices for 2014," the agency calculates Americans can look forward to if they are liable for the tax --

"If you (or any of your dependents) do not maintain coverage and do not qualify for an exemption, you will need to make an individual shared responsibility payment with your return. In general, the payment amount is either a percentage of your household income or a flat dollar amount, whichever is greater. You will owe 1/12th of the annual payment for each month you (or your dependents) do not have coverage and are not exempt. The annual payment amount for 2014 is the greater of:

"One percent of your household income that is above the tax return filing threshold for your filing status, such as Married Filing Jointly or single, or

"Your family's flat dollar amount, which is $95 per adult and $47.50 per child, limited to a maximum of $285."

Fully implemented, the Obamacare individual mandate tax will rise steeply, to a maximum of 2.5 percent of Adjusted Gross Income or $2,085 - whichever is higher.

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