Health Care Reform Act

SOLUTIONS

CHAPTER 1

1. 1. 

   1. Incorrect. This amount does not exclude the tax filing threshold from MAGI and is lesser, not greater than the fixed dollar amount.
   2. Correct. The answer is the greater of a fixed dollar amount or percentage of MAGI-tax filing threshold. For 2016, the fixed dollar amount is the greatest at $695 per family member over age 18.
   3. Incorrect. Although this is the correct calculation taking 2.5 percent of MAGI-tax filing threshold, it is less than the fixed dollar amount.
   4. Incorrect. This is the 2015 fixed dollar amount.

2. 2. 

   1. Incorrect. Although the individual shared responsibility payments are in effect, the IRS delayed reporting requirements until 2015. Individuals must self-report in 2014.
   2. Incorrect. Although reporting requirements were required this year, due dates were extended past filing deadlines.
   3. Incorrect. Due dates extended to March 2 which is past some filers filings. Just keep forms for documentation.
   4. Correct. This is the first year they are required.

3. 3. 

   1. Incorrect. Unlike other taxes and penalties for nonpayment, there is no additional fine for not paying individual shared responsibility payment, the payment will be deducted only from future refunds.
   2. Incorrect. Unlike other taxes and penalties for nonpayment, there is no additional fine for not paying individual shared responsibility payment, the payment will be deducted only from future refunds.
   3. Incorrect. Unlike other taxes and penalties for nonpayment, there is no additional fine for ...