Saturday, January 3, 2015
If you fail to have minimum essential health coverage for you or you and your dependents you will pay a penalty tax called the shared responsibility payment. If you are married and file a joint return you and your spouse are jointly liable for the penalty. The tax for 2014 has a couple of different calculations. It is important to note that not all types of coverage are treated as minimum essential coverage. Also note that if you received subsidies from an exchange, known as advance payments, and that advance payment exceeds the amount you should have received based on your income those advance payments must be paid back. The law concerning this mandate can be confusing, but we are here to help. Please call our office at 352-637-1122 and let us help you take out the confusion when filing this years taxes.