Best CPAs in Freehold, NJ

Health Coverage NJ Mandate 2019 NJ Tax ReturnnnThis post is to explain to individuals and their household who lives in the state of NJ the health coverage requirements in 2019. Most of the people get confused between the Federal/IRS penalty that was appealed/no longer exist in the Federal 1040 return and the NJ State return (new mandate) that newly took place in 2019. In other words, you will pay penalty in 2019 NJ tax return and forward yeas if you do not have health coverage, but you will not pay it on the Federal 1040 tax return.nThis is how the penalty calculated if you are filing your 2019 NJ tax return and you do not have a health coverage through a job, Medicare or Medicaid and exceed the exemption income amount, you will face a penalty of 2.5 percent of their household income or $695 per adult and $347.50 per child, whichever is higher. Those penalties will be calculated and due when state income tax returns for 2019 are filed in 2020.nHope that helps, please feel free to contact me if you have any questions nGeorge Gereis, CPA...