The Affordable Care Act of 2010 introduced the shared responsibility payment on non-exempt American citizens who do not meet certain healthcare insurance minimum coverage requirements. The IRS will not consider a return complete and accurate if the taxpayer does not report health care coverage for the year, an exemption or a payment.

Taxpayers must either:

• Have qualifying health care coverage for every month of 2016 (including for dependents);
• Qualify for an exemption from the requirement to have health care coverage; or
• Make a “shared responsibility payment.”

This shared responsibility payment increases annually, and for the 2016 tax year, is the greater of: