Eight million taxpayers pay $1.7 billion in shared responsibility payments in 2014

In 2014, more taxpayers were required to have health care coverage, qualify for a health coverage exemption, or make a shared responsibility payment with their tax return. The IRS reported that more than eight million taxpayers were responsible for a total of $1.7 billion in health care responsibility payments. In 2014, the maximum shared responsibility payment was $95 for each adult and $47.50 for each child, up to a maximum of $285 or 1 percent of household income, whichever was higher.

In addition, for 2014, a taxpayer may have been eligible for a net premium tax credit if they, their spouse, or dependent enrolled in health insurance through the health insurance marketplace. According to the IRS, some 1.5 million returns claimed the net premium tax credit for a total of $1 billion.

The IRS reported that for 2014, approximately 3.6 million returns were subject to the 3.8 percent net investment income tax (NIIT). The amount of net investment income tax liability totaled nearly $17.6 billion, reflecting a 50.6 percent increase over 2013’s total. Nearly 92 percent of taxpayers who incurred NIIT liability reported adjusted gross income of $250,000 or more. The NIIT liability for these approximately 3.27 million taxpayers equaled over $17.46 billion. The IRS also reported that 228,474 tax returns reporting adjusted gross income between $200,000 and $250,000 were liable for slightly less than $108.26 million in NIIT tax.

SOURCE: IRS Statistics of Interest Bulletin.

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