ObamaCare & Form 1040
Shared Responsibility Penalty Payments
If you do not have health insurance coverage for all 12 months in 2016 you may have to make a penalty payment with your tax return unless certain other conditions exist. Individuals for whom coverage is too expensive are exempt from the penalty payment. Also individuals may qualify for a coverage exemption. A coverage exemption can be granted from your marketplace or you may qualify for a coverage exemption based on your household income or gross income being below certain threshold amounts. Individuals may also qualify for certain hardship coverage exemptions based on their family circumstances. The Shared Responsibility Penalty Payment will be reported on Form 1040, line 61. The coverage exemptions being claimed are reported on new IRS Form 8965.
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