Question

Which of thes is incorrect regarding the ACA individual Shared Responsibility penalty for 2018?

a. To calculate the payment you would calculate 2.5% of the household income

b. To calculate the payment, you would need toi add together $695 per tax family member ($37.50 per child under age 18) without coverage.

c. When adding the numbers for family members without coverage, you would not calculate more that $2,085

d. Beginning in 2018, taxpayers will no longer be required to pay a penalty for failure to obtain health insurance

Answer 1

This is incorrect regarding the ACA individual Shared Responsibility penalty for 2018:

d. Beginning in 2018, taxpayers will no longer be required to pay a penalty for failure to obtain health insurance.

• For 2016 through 2018, the law set the penalty at $695 per adult and $347.50 per child, up to a maximum of $2,085 for a family—or 2.5 percent of income, whichever is greater. Penalties are to rise with inflation.
• For 2019 and beyond the penalty will no longer be assessed