What is the individual shared responsibility provision?
What is the individual shared responsibility provision?
Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have qualifying health care coverage (known as minimum essential coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return. The forms for reporting coverage, exemptions or making a payment with the federal income tax return can all be prepared and filed electronically.
Please click on the link to review updates for the Affordable Care Act Tax Provisions for Individuals and Families as the IRS will update information: https://www.irs.gov/affordable-care-act/individuals-and-families