Tag: income tax

Affordable Care Act’s (ACA) Individual Shared Responsibility Payment

The Affordable Care Act, also known as Obamacare, required individuals to have minimum essential health care coverage (MEC), qualify for an exemption from the MEC, or make an Individual Shared Responsibility payment (a penalty).

The Tax Cuts and Jobs Act, (signed into law on December 22, 2017) effectively eliminated the Individual Shared Responsibility payment by making it zero for months beginning after December 31, 2018.