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Turbotax 2011 Edition

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Turbotax 2011 Edition

Turbotax 2011 edition Index A Adoption Child tax credit, Adopted child. Turbotax 2011 edition (see also Child tax credit) Afghanistan, Afghanistan area. Turbotax 2011 edition Aliens, Alien Status Amount of exclusion, Amount of Exclusion Arabian peninsula, Arabian peninsula. Turbotax 2011 edition Assistance (see Tax help) C Child tax credit, Child Tax Credit Limits Modified adjusted gross income, Modified AGI. Turbotax 2011 edition Qualifying child, Qualifying Child Child, qualifying, Qualifying child. Turbotax 2011 edition Claims for tax forgiveness, Claims for Tax Forgiveness Codes, W-2, Form W-2 Codes Combat zone Election to include pay for earned income credit, Nontaxable combat pay election. Turbotax 2011 edition Exclusion, Combat Zone Exclusion Extension of deadlines, Service That Qualifies for an Extension of Deadline Related forgiveness, Combat Zone Related Forgiveness Community property, Community Property, Residents of community property states. Turbotax 2011 edition Contingency operation, Service That Qualifies for an Extension of Deadline Credits Child tax, Child Tax Credit Earned income, Earned Income Credit Excess social security tax withheld, Credit for Excess Social Security Tax Withheld First-time homebuyer, First-Time Homebuyer Credit D Decedents, Forgiveness of Decedent's Tax Liability Deductions, itemized, Itemized Deductions Domicile, Domicile. Turbotax 2011 edition Dual-status aliens, Dual-Status Aliens E Earned income credit, Earned Income Credit Social security card, Social security number. Turbotax 2011 edition Social security number, Social security number. Turbotax 2011 edition Educational expenses, Educational Expenses Employee business expenses, Employee Business Expenses Excess social security tax withholding credit, Credit for Excess Social Security Tax Withheld Excess withholding credit How to take, How to take the credit. Turbotax 2011 edition Expenses Employee business, Employee Business Expenses Moving, Moving Expenses Extension of deadlines, Extension of Deadlines Extension of time to file, Extensions F Family, Adopted child. Turbotax 2011 edition (see also Child tax credit) Filing returns, Filing Returns First-time homebuyer credit, First-Time Homebuyer Credit Foreclosures Mortgage settlement payouts, Foreclosures Foreign income, Foreign Source Income Foreign moves, Foreign Moves Forms 1040, Foreign Moves, Itemized Deductions, Where To File 1040A, Where To File 1040EZ, Where To File 1040NR, Nonresident Aliens 2106, Employee Business Expenses, Reimbursement. Turbotax 2011 edition 2106-EZ, Employee Business Expenses 2848, Signing Returns, Spouse overseas. Turbotax 2011 edition 3903, Moving Expenses 4868, Extensions W-2, Form W-2 Codes, Form W-2. Turbotax 2011 edition , Nontaxable combat pay election. Turbotax 2011 edition Foster care Child tax credit, Qualifying Child Free tax services, Free help with your tax return. Turbotax 2011 edition G Gross income, Gross Income H Help (see Tax help) Home Away from, Away from home. Turbotax 2011 edition Definition of, Away from home. Turbotax 2011 edition Sale of, Sale of Home Homebuyer credit, First-Time Homebuyer Credit Hospitalization, Hospitalized While Serving in a Combat Zone, Hospitalized After Leaving a Combat Zone, Qualified hospitalization. Turbotax 2011 edition I Income Foreign source, Foreign Source Income Gross, Gross Income Individual retirement arrangements, Individual Retirement Arrangements Installment agreement Payment deferment, Request for deferment. Turbotax 2011 edition Interest rate (maximum), Maximum Rate of Interest Iraq, Arabian peninsula. Turbotax 2011 edition Itemized deductions, Itemized Deductions J Joint returns, Joint returns. Turbotax 2011 edition , Joint returns. Turbotax 2011 edition , Joint returns. Turbotax 2011 edition K Kosovo, The Kosovo area. Turbotax 2011 edition M Military action related forgiveness, Terrorist or Military Action Related Forgiveness Military Spouses Residency Relief Act Domicile, Military Spouses Residency Relief Act (MSRRA) Miscellaneous itemized deductions, Employee Business Expenses Missing status, Missing status. Turbotax 2011 edition , Spouse in missing status. Turbotax 2011 edition , Missing status. Turbotax 2011 edition Modified adjusted gross income (MAGI) Child tax credit limits, Modified AGI. Turbotax 2011 edition Moving expenses, Moving Expenses N Nonresident aliens, Nonresident Aliens P Permanent change of station, Permanent change of station. Turbotax 2011 edition Personal representative, Forgiveness of Decedent's Tax Liability Power of attorney, Signing Returns Professional dues, Professional Dues Publications (see Tax help) Q Qualifying child, Qualifying child. Turbotax 2011 edition R Reimbursements Employee business expenses, Reimbursement. Turbotax 2011 edition Moving and storage, Services or reimbursements provided by the government. Turbotax 2011 edition Uniforms, Uniforms Reservists, Armed Forces reservists. Turbotax 2011 edition Travel, Armed Forces Reservists Uniforms, Uniforms Resident aliens, Resident Aliens Returns Filing, Filing Returns Signing, Signing Returns S Sale of home, Sale of Home Same-sex marriage, Same-Sex Marriage SCRA violation payouts, Foreclosures Separate returns, Separate returns. Turbotax 2011 edition Servicemembers Civil Relief Act, Maximum Rate of Interest Serving in a combat zone, Serving in a Combat Zone Social security numbers (SSNs) Earned income credit, Residency test. Turbotax 2011 edition Spouse Deadline extension, Spouses. Turbotax 2011 edition Died, Spouse died during the year. Turbotax 2011 edition Incapacitated, Spouse incapacitated. Turbotax 2011 edition Missing, Spouse in missing status. Turbotax 2011 edition Nonresident alien, Treating nonresident alien spouse as resident alien. Turbotax 2011 edition Overseas, Spouse overseas. Turbotax 2011 edition State bonus payments, State bonus payments. Turbotax 2011 edition T Tax forgiven, Combat Zone Related Forgiveness Tax help, How To Get Tax Help Temporary work location, Temporary work location. Turbotax 2011 edition Terrorist related forgiveness, Terrorist or Military Action Related Forgiveness Transportation, Armed Forces reservists. Turbotax 2011 edition Transportation expenses, Transportation Expenses Travel expenses, Travel Expenses TTY/TDD information, How To Get Tax Help U Uniforms, Uniforms W When to file, When To File Where to file, Where To File Y Yugoslavia, The Kosovo area. Turbotax 2011 edition Prev  Up     Home   More Online Publications
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Individual Shared Responsibility Provision – Calculating the Payment

 

The individual shared responsibility provision requires you and each member of your family to either 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. It is important to remember that choosing to make the individual shared responsibility payment instead of purchasing minimum essential coverage means you will also have to pay the entire cost of all your medical care. You won't be protected from the kind of very high medical bills that can sometimes lead to bankruptcy.

If you must make an individual shared responsibility payment with your return, the annual payment amount is the greater of a percentage of your household income or a flat dollar amount, but is capped at the national average premium for a bronze level health plan available through the Marketplace. You will owe 1/12th of the annual payment for each month you or your dependent(s) don’t have either coverage or an exemption.

For 2014, the annual payment amount is:

  • The greater of:
    • 1 percent of your household income that is above the tax return filing threshold for your filing status, or
    • Your family’s flat dollar amount, which is $95 per adult and $47.50 per child, limited to a family maximum of $285,
  • But capped at the cost of the national average premium for a bronze level health plan available through the Marketplace in 2014.

Calculating your payment requires you to know your household income and your tax return filing threshold.

  • Household income is the adjusted gross income from your tax return plus any excludible foreign earned income and tax-exempt interest you receive during the taxable year. Household income also includes the incomes of all of your dependents who are required to file tax returns.
  • Tax return filing threshold is the amount of gross income an individual of your age and with your filing status (e.g., single, married filing jointly, head of household) must make to be required to file a tax return.

2014 Federal Tax Filing Requirement Thresholds

Filing Status Age Must File a Return If Gross Income Exceeds
Single Under 65 $10,150
  65 or older $11,700
Head of Household Under 65 $13,050
  65 or older $14,600
Married Filing Jointly  Under 65 (both spouses) $20,300
  65 or older (one spouse) $21,500
  65 or older (both spouses) $22,700
Married Filing Separately  Any age $3,950
Qualifying Widow(er) with Dependent Children Under 65 $16,350
  65 or older $17,550

 

Examples

In the examples below, we assume that the payment amounts do not exceed the national average premium for bronze level coverage for the individuals involved. These examples are used only to represent the mechanics of calculating the payment and are not estimates of current or future health insurance premium costs. For information on the cost of bronze level plans, visit HealthCare.gov.

Example 1: Single individual with $40,000 income

Jim, an unmarried individual with no dependents, does not have minimum essential coverage for any month during 2014 and does not qualify for an exemption. For 2014, Jim’s household income is $40,000 and his filing threshold is $10,150.

  • To determine his payment using the income formula, subtract $10,150 (filing threshold) from $40,000 (2014 household income). The result is $29,850. One percent of $29,850 equals $298.50.
  • Jim’s flat dollar amount is $95.

Because $298.50 is greater than $95 (and is less than the national average premium for bronze level coverage for 2014), Jim’s shared responsibility payment for 2014 is $298.50, or $24.87 for each month he is uninsured (1/12 of $298.50 equals $24.87).

Jim will make his shared responsibility payment for the months he was uninsured when he files his 2014 income tax return, which is due in April 2015.

Example 2: Married couple with 2 children, $70,000 income

Eduardo and Julia are married and have two children under 18. They do not have minimum essential coverage for any family member for any month during 2014 and no one in the family qualifies for an exemption. For 2014, their household income is $70,000 and their filing threshold is $20,300.

  • To determine their payment using the income formula, subtract $20,300 (filing threshold) from $70,000 (2014 household income). The result is $49,700. One percent of $49,700 equals $497.
  • Eduardo and Julia’s flat dollar amount is $285, or $95 per adult and $47.50 per child. The total of $285 is the flat dollar amount in 2014.

Because $497 is greater than $285 (and is less than the national average premium for bronze level coverage for 2014), Eduardo and Julia’s shared responsibility payment is $497 for 2014, or $41.41 per month for each month the family is uninsured (1/12 of $497 equals $41.41).

Page Last Reviewed or Updated: 24-Mar-2014

The Turbotax 2011 Edition

Turbotax 2011 edition Part Four -   Adjustments to Income The three chapters in this part discuss some of the adjustments to income that you can deduct in figuring your adjusted gross income. Turbotax 2011 edition These chapters cover: Contributions you make to traditional individual retirement arrangements (IRAs) — chapter 17, Alimony you pay — chapter 18, and Student loan interest you pay — chapter 19. Turbotax 2011 edition Other adjustments to income are discussed elsewhere. Turbotax 2011 edition See Table V below. Turbotax 2011 edition Table V. Turbotax 2011 edition Other Adjustments to Income  Use this table to find information about other adjustments to income not covered in this part of the publication. Turbotax 2011 edition IF you are looking for more information about the deduction for. Turbotax 2011 edition . Turbotax 2011 edition . Turbotax 2011 edition THEN see. Turbotax 2011 edition . Turbotax 2011 edition . Turbotax 2011 edition Certain business expenses of reservists, performing artists, and fee-basis officials Chapter 26. Turbotax 2011 edition Contributions to a health savings account Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. Turbotax 2011 edition Moving expenses Publication 521, Moving Expenses. Turbotax 2011 edition Part of your self-employment tax Chapter 22. Turbotax 2011 edition Self-employed health insurance Chapter 21. Turbotax 2011 edition Payments to self-employed SEP, SIMPLE, and qualified plans Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Turbotax 2011 edition Penalty on the early withdrawal of savings Chapter 7. Turbotax 2011 edition Contributions to an Archer MSA Publication 969. Turbotax 2011 edition Reforestation amortization or expense Chapters 7 and 8 of Publication 535, Business Expenses. Turbotax 2011 edition Contributions to Internal Revenue Code section 501(c)(18)(D) pension plans Publication 525, Taxable and Nontaxable Income. Turbotax 2011 edition Expenses from the rental of personal property Chapter 12. Turbotax 2011 edition Certain required repayments of supplemental unemployment benefits (sub-pay) Chapter 12. Turbotax 2011 edition Foreign housing costs Chapter 4 of Publication 54, Tax Guide for U. Turbotax 2011 edition S. Turbotax 2011 edition Citizens and Resident Aliens Abroad. Turbotax 2011 edition Jury duty pay given to your employer Chapter 12. Turbotax 2011 edition Contributions by certain chaplains to Internal Revenue Code section 403(b) plans Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Turbotax 2011 edition Attorney fees and certain costs for actions involving certain unlawful discrimination claims or awards to whistleblowers Publication 525. Turbotax 2011 edition Domestic production activities deduction Form 8903, Domestic Production Activities Deduction. Turbotax 2011 edition Table of Contents 17. Turbotax 2011 edition   Individual Retirement Arrangements (IRAs)What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? 18. Turbotax 2011 edition   AlimonyIntroductionSpouse or former spouse. Turbotax 2011 edition Divorce or separation instrument. Turbotax 2011 edition Useful Items - You may want to see: General RulesMortgage payments. Turbotax 2011 edition Taxes and insurance. Turbotax 2011 edition Other payments to a third party. Turbotax 2011 edition Instruments Executed After 1984Payments to a third party. Turbotax 2011 edition Exception. Turbotax 2011 edition Substitute payments. Turbotax 2011 edition Specifically designated as child support. Turbotax 2011 edition Contingency relating to your child. Turbotax 2011 edition Clearly associated with a contingency. Turbotax 2011 edition How To Deduct Alimony Paid How To Report Alimony Received Recapture Rule 19. Turbotax 2011 edition   Education- Related AdjustmentsIntroduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Prev  Up  Next   Home   More Online Publications