Question

Alice is a single taxpayer with no dependents that has AGI of $11,200 in 2019. Alice...

Alice is a single taxpayer with no dependents that has AGI of $11,200 in 2019. Alice is required to carry minimum essential coverage in 2019 or else pay additional tax (individual shared responsibility).

True

False

Homework Answers

Answer #1

FALSE.

Explanation:

After Dec. 31, 2018, the individual shared responsibility payment for not having the minimum essential health care coverage or an exemption is reduced to zero. Beginning in tax year 2019, Form 1040 will no longer have the "full-year health care coverage or exempt" check box and Form 8965, Health Coverage Exemptions, is obsolete. Taxpayers no longer need to make a shared responsibility payment beginning with their 2019 tax returns.

Therefore, Alice is not required to carry minimum essential Coverage nor required to pay additional tax.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt...
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did not have minimum essential coverage for 8 months in 2017. Compute Susan’s individual shared responsibility payment for 2017. Instructions: State the tax law and the computation for Susan.
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax...
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did not have minimum essential coverage for 8 months in 2017. Compute Susan's individual shared responsibility payment for 2017. For 2017, the flat annual dollar amount is $695 per adult and $347.50 per child, limited to an annual maximum of $2,085 per household.
B, a single taxpayer with no dependents, has income and deductions for 2019 that are summarized...
B, a single taxpayer with no dependents, has income and deductions for 2019 that are summarized as follows:                                     Gross income                                          $27,100                                     Deductions for A.G.I.                                 2,175                                     Itemized deductions                                  11,000                                     Non-refundable income tax credit                 300                                     Federal income tax withheld                      1,500       Based on these facts, what is B’s tax due or (refund) for 2019? (Note: Use the tax rate schedules on the inside back cover, even though you shouldn't when taxable income is less than $100,000. All...
In 2019, Tom is single and has AGI of $50,000. He is age 70, has no...
In 2019, Tom is single and has AGI of $50,000. He is age 70, has no dependents, and has itemized deductions (i.e., from AGI) of $7,000. Determine Tom’s taxable income for 2019.
In 2018, Rachelle, a single taxpayer, has adjusted gross income of $45,000. Her AGI includes $5,000...
In 2018, Rachelle, a single taxpayer, has adjusted gross income of $45,000. Her AGI includes $5,000 of interest income. Rachelle has no dependents and does not itemize deductions. What is her 2018 federal income tax? A) $3,404 B) $3,769.50 C) $4,211.50 D) $4,404
Mary is a single wage earner with no dependents and taxable income of $205,000 in 2019....
Mary is a single wage earner with no dependents and taxable income of $205,000 in 2019. Her 2018 taxable income was $155,000 and tax liability was $31,490. Calculate Mary's 2019 income tax liability and the minimum required 2019 annual payment necessary to avoid any penalty. Round your answers to two decimal places. What is Mary's 2019 income tax liability: $ What is Mary's minimum required 2019 annual payment necessary to avoid any penalty: $
Alexis, a single taxpayer, is an active participant in the rental of a property. In 2019,...
Alexis, a single taxpayer, is an active participant in the rental of a property. In 2019, the property generated a $15,000 loss. Assume Alexis has sufficient tax basis and at-risk amounts to absorb the loss. If Alexis has AGI of $130,000 before considering the loss, how much loss can she deduct? $0 $5,000 $10,000 $15,000
#49 – Eric is single and has no dependents for 2019. He earned $60,000 and had...
#49 – Eric is single and has no dependents for 2019. He earned $60,000 and had deductions from gross income of $1,800 and itemized deductions of $12,400. Compute Eric’s income tax for the year using the Tax Rate Schedules.                #50 – Allen has taxable income of $75,475 for 2019. Using the Tax Rate Schedules in the Appendix, compute Allen’s income tax liability before tax credits and prepayments for each of the following filing statuses. Married filing jointly               Married...
Victoria, age 64, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has...
Victoria, age 64, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has the following income and deductions for 2019: RECEIPTS FOR YEAR Salary from local school district $ 64,000 Interest from Friendly Bank   1,635 Interest from City of Santee bonds 1,300 Dividends from Tandem Diabetic (qualified) 375 Gain from sale of Tandem Diabetic held 36 months 3,900 EXPENDITURES FOR YEAR Itemized deductions $ 12,100 Calculate Victoria’s adjusted gross income, taxable income, and federal income tax. Show...
Henrich is a single taxpayer. In 2019, his taxable income is $458,000. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is $458,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) d. Henrich has $199,000 of taxable income, which includes $51,600 of long-term capital gain that...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT