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Federal 1040ez Form

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Federal 1040ez Form

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Individual Shared Responsibility Provision - Exemptions

 

The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage (also known as minimum essential coverage), qualify for an exemption, or make an individual shared responsibility payment when you file your federal income tax return.

How you get the exemption depends upon the type of exemption for which you are eligible. You can obtain some exemptions only from the Marketplace in the area where you live, others only from the IRS, and yet others from either the Marketplace or the IRS.

This chart shows the types of exemptions available and whether they must be granted by the Marketplace, claimed on an income tax return filed with the IRS, or either may be granted by the Marketplace or claimed on a tax return. For additional information about how to get exemptions that may be granted by the Marketplace, visit HealthCare.gov/exemptions.

Information will be made available later about how to report health insurance coverage and claim exemptions on your income tax return.

Exemptions May only be granted by Marketplace May be granted by Marketplace or claimed on tax return May only be claimed on tax return
Coverage is considered unaffordable - The amount you would have paid for employer-sponsored coverage or a bronze level health plan (depending on your circumstances) is more than eight percent of your actual household income for the year as computed on your tax return. Also see the second hardship listed below, which provides a prospective exemption granted by the Marketplace if the amount you would have paid for coverage is more than eight percent of your projected household income for the year.    
Short coverage gap - You went without coverage for less than three consecutive months during the year. For more information, see question 22 of our questions and answers.    
Household income below the return filing threshold - Your household income is below the minimum threshold for filing a tax return. Learn more about household income    
Certain noncitizens - You are neither a U.S. citizen, a U.S. national, nor an alien lawfully present in the U.S.    
Members of a health care sharing ministry - You are a member of a health care sharing ministry, which is an organization described in section 501(c)(3) whose members share a common set of ethical or religious beliefs and have shared medical expenses in accordance with those beliefs continuously since at least December 31, 1999.  

 

 

 

 

 

Members of Federally-recognized Indian Tribes - You are a member of a federally-recognized Indian tribe.    
Incarceration - You are in a jail, prison, or similar penal institution or correctional facility after the disposition of charges.    
Members of certain religious sects - You are a member of a religious sect in existence since December 31, 1950, that is recognized by the Social Security Administration (SSA) as conscientiously opposed to accepting any insurance benefits, including Medicare and Social Security.    
Hardships:      
  • Your gross income is below the filing threshold. To find out if you are required to file, use our Interactive Tax Assistant.
   
  • Two or more family members' aggregate cost of self-only employer-sponsored coverage exceeds 8 percent of household income, as does the cost of any available employer-sponsored coverage for the entire family.
   
  • You purchased insurance through the Marketplace during the initial enrollment period but have a coverage gap at the beginning of 2014. See this HHS Question and Answer.
   
  • You are experiencing circumstances that prevent you from obtaining coverage under a qualified health plan. Learn more about the criteria for this exemption.
   
  • You do not have access to affordable coverage based on your projected household income.
   
  • You are ineligible for Medicaid solely because the State does not participate in the Medicaid expansion under the Affordable Care Act.
   
  • You are an American Indian, Alaska Native, or a spouse or descendant who is eligible for services through an Indian health care provider. Learn more.
   
  • You have been notified that your health insurance policy will not be renewed and you consider the other plans available unaffordable. See HHS guidance and HHS Questions and Answers for more information.
   

 

 

Page Last Reviewed or Updated: 24-Mar-2014

The Federal 1040ez Form

Federal 1040ez form 29. Federal 1040ez form   Limit on Itemized Deductions Table of Contents Introduction Useful Items - You may want to see: Are You Subject to the Limit? Which Itemized Deductions Are Limited? Which Itemized Deductions Are Not Limited? How Do You Figure the Limit?Example. Federal 1040ez form Introduction This chapter discusses the overall limit on itemized deductions on Schedule A (Form 1040). Federal 1040ez form The following topics are included. Federal 1040ez form Who is subject to the limit. Federal 1040ez form Which itemized deductions are limited. Federal 1040ez form How to figure the limit. Federal 1040ez form Useful Items - You may want to see: Forms (and Instructions) Schedule A (Form 1040) Itemized Deductions Are You Subject to the Limit? You are subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. Federal 1040ez form Your AGI is the amount on Form 1040, line 38. Federal 1040ez form Which Itemized Deductions Are Limited? The following Schedule A (Form 1040) deductions are subject to the overall limit on itemized deductions. Federal 1040ez form Taxes paid—line 9 Interest paid—lines 10, 11, 12, and 13 Gifts to charity—line 19 Job expenses and certain miscellaneous deductions—line 27 Other miscellaneous deductions—line 28, excluding gambling and casualty or theft losses. Federal 1040ez form . Federal 1040ez form Which Itemized Deductions Are Not Limited? The following Schedule A (Form 1040) deductions are not subject to the overall limit on itemized deductions. Federal 1040ez form However, they are still subject to other applicable limits. Federal 1040ez form Medical and dental expenses—line 4. Federal 1040ez form Investment interest expense—line 14. Federal 1040ez form Casualty and theft losses of personal use property—line 20. Federal 1040ez form Casualty and theft losses of income-producing property—line 28. Federal 1040ez form Gambling losses—line 28. Federal 1040ez form How Do You Figure the Limit? If your itemized deductions are subject to the limit, the total of all your itemized deductions is reduced by the smaller of: 80% of your itemized deductions that are affected by the limit. Federal 1040ez form See Which Itemized Deductions Are Limited , earlier, or 3% of the amount by which your AGI exceeds $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. Federal 1040ez form Before you figure the overall limit on itemized deductions, you first must complete Schedule A (Form 1040), lines 1 through 28, including any related forms (such as Form 2106, Form 4684, etc. Federal 1040ez form ). Federal 1040ez form The overall limit on itemized deductions is figured after you have applied any other limit on the allowance of any itemized deduction. Federal 1040ez form These other limits include charitable contribution limits (chapter 24), the limit on certain meal and entertainment expenses (chapter 26), and the 2%-of-adjusted-gross-income limit on certain miscellaneous deductions (chapter 28). Federal 1040ez form Itemized Deductions Worksheet. Federal 1040ez form   After you have completed Schedule A (Form 1040) through line 28, you can use the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040) to figure your limit. Federal 1040ez form Enter the result on Schedule A (Form 1040), line 29. Federal 1040ez form Keep the worksheet for your records. Federal 1040ez form    You should compare the amount of your standard deduction to the amount of your itemized deductions after applying the limit. Federal 1040ez form Use the greater amount when completing Form 1040, line 40. Federal 1040ez form See chapter 20 for information on how to figure your standard deduction. Federal 1040ez form Example. Federal 1040ez form For tax year 2013 Bill and Terry Willow are filing a joint return on Form 1040. Federal 1040ez form Their adjusted gross income on line 38 is $325,500. Federal 1040ez form Their Schedule A itemized deductions are as follows: Taxes paid—line 9 $17,900 Interest paid—lines 10, 11, 12, and 13 45,000 Investment interest expense—line 14 41,000 Gifts to charity—line 19 21,000 Job expenses—line 27 17,240 Total $142,140 The Willows’ investment interest expense deduction ($41,000 from Schedule A (Form 1040), line 14) is not subject to the overall limit on itemized deductions. Federal 1040ez form The Willows use the Itemized Deductions Worksheet in the Schedule A (Form 1040) instructions to figure their overall limit. Federal 1040ez form Of their $142,140 total itemized deductions, the Willows can deduct only $141,375 ($142,140 - $765). Federal 1040ez form They enter $141,375 on Schedule A (Form 1040), line 29. Federal 1040ez form Prev  Up  Next   Home   More Online Publications