Additional thoughts on the ACA and the Individual Shared Responsibility Payment (ISRP)
As far as this “penalty” may be assessed on anyone’s return, it seems the only way for sure the payment will be made is if an overpayment otherwise exists on the return. The point is, so far payment of this penalty is not going to be enforced. On some tax software an option to defer the calculation and payment can be selected. Although the option may be available and if working with a tax practitioner/preparer, selecting that option is fully incumbent upon the taxpayer assuming full and total responsibility for such selection and any collection action should the IRS be given collection enforcement authority. Again, the entire ACA legislation is such a political football even the IRS does not have a sure footing of how the ACA affects their interaction with the ACA. The IRS does not want to be in a position of illegally collecting a tax with the strong probability the ACA will be dramatically revamped across the next two years making the ISRP penalty illegal and hence refundable with interest – an additional cost the IRS desires not to incur upon the American people.
For more information about the Affordable Care Act and Filing Taxes visit http://ez-online-tax-filing.com//tax-help-the-affordable-care-act.html