- It requires NJ residents to have health insurance with minimum essential coverage. There are exceptions for religious objection, income under $10,000 for single filers and $20,000 for married filing jointly, or hardships.
- The state penalty tax is generally equal to the penalty tax that was repealed by the President for federal tax purposes.
- The amount of the tax penalty, is typically equal to the greater of $695 per family member ($347.50 for persons under the age of 18), up to a maximum of $2,085 or 2.5 percent of household income, whichever is greater.
- Businesses and insurance companies will be required to file reports with the New Jersey Division of Taxation.
- The New Jersey Treasurer will be defining the requirements and procedures for reporting and paying the penalty tax.
Louri Rivero Borr is a CPA licensed in both NJ and NY, with over 25 years of experience. The firm can provide you with unparalleled accounting services, provide tax services and advice, and perform audits, reviews or compilations.
Our clients, businesses and individuals, can expect us to cater to their unique needs. As member of QuickBooks Professional Adviser program, we can help you with your accounting software needs. You will receive personal attention and expert service from start to finish. Our mission is to focus on your current needs and future requirements.
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