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Podcast text script - Individual Shared Responsibility

HI… I’M ALEXIS AND I WORK FOR THE INTERNAL REVENUE SERVICE.

CHANCES ARE YOU’VE HEARD THAT THE HEALTH CARE LAW CAN AFFECT YOUR TAXES.   
   
BUT YOU MAY BE  UNCERTAIN WHAT IT REALLY MEANS.
   
ALTHOUGH YOU MAY NEED TO MAKE DECISIONS ABOUT THE HEALTH CARE COVERAGE YOU CARRY FOR YOU AND YOUR FAMILY… THE FACT  IS THAT MOST PEOPLE ALREADY HAVE THE HEALTH CARE COVERAGE THEY NEED… KNOWN AS MINIMUM ESSENTIAL COVERAGE… AND PROBABLY DON’T HAVE TO DO ANYTHING.
      
HOWEVER, IF YOU GO WITHOUT COVERAGE FOR ANY PART OF THE YEAR…  THERE ARE SPECIAL RULES THAT APPLY.
       
IF YOU DON’T QUALIFY FOR AN EXEMPTION… YOU MAY NEED TO MAKE A SPECIAL PAYMENT… CALLED AN INDIVIDUAL SHARED RESPONSIBILITY PAYMENT.     
    
YOU MAY QUALIFY FOR AN EXEMPTION IF YOU DON’T NEED TO FILE A TAX RETURN… IF YOU ARE WITHOUT ACCESS TO AFFORDABLE HEALTH CARE COVERAGE…IF YOU ARE A MEMBER OF CERTAIN EXEMPT GROUPS… OR IF YOU ARE SUFFERING A HARDSHIP.
   
THERE ARE OTHER EXEMPTIONS AS WELL.
   
A COMPLETE LIST OF THEM IS AVAILABLE ON THE I-R-S WEBSITE.
    
NOW… IF YOU OR ONE OF YOUR DEPENDENTS DO NOT HAVE COVERAGE AND DO NOT QUALIFY FOR AN EXEMPTION… YOU WILL NEED TO MAKE AN INDIVIDUAL SHARED RESPONSIBILITY PAYMENT WHEN YOU FILE YOUR TAX RETURN.
    
THE PAYMENT AMOUNT IS EITHER A PERCENTAGE OF YOUR INCOME OR A FLAT DOLLAR AMOUNT… WHICHEVER IS GREATER.
    
THE PAYMENT IS BASED ON THE NUMBER OF MONTHS YOU GO WITHOUT COVERAGE OR AN EXEMPTION.     
   
FOR MORE INFORMATION … VISIT

I-R-S-DOT-GOV-SLASH-A-C-A.

Page Last Reviewed or Updated: 25-Jun-2014