Beginning in 2019, are individual taxpayers required to maintain minimum essential health coverage (associated with the Affordable Care Act)? This was termed the individual shared responsibility tax.

Answered: Beginning in 2019, are individual…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Beginning in 2019, are individual taxpayers required to maintain minimum essential health coverage (associated with the Affordable Care Act)? This was termed the individual shared responsibility tax.

Expert Solution

Step 1

Beginning in Tax Year 2019, Form 1040 will not have full-year health care coverage or exempt box and Form 8965, Health Coverage Exemptions, will no longer be used. We need not make a shared responsibility payment or file Form 8965, Health Coverage Exemptions, with tax return if we don’t have a minimum essential coverage for part or all of 2019.

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions