San Francisco Tax Preparation / CPA: CA – Individual shared responsibility penalty regulations adopted
The California Franchise Tax Board (FTB) has finalized regulations regarding the Individual Shared Responsibility Penalty imposed on personal income taxpayers who fail to enroll and maintain minimum essential healthcare coverage.
Individual Shared Responsibility Penalty
Beginning January 1, 2020, all California residents must either have qualifying health insurance coverage, obtain an exemption from the requirement to have coverage, or pay a penalty when they file their state tax return. The 2020 applicable dollar amount for adults is $750. Reg. 26000.61000, 26000.61005, 26000.61010, 26000.61015, 26000.61020, 26000.61023, 26000.61025, California Franchise Tax Board, effective January 1, 2021