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Received letter CP501H concerning tax due. What is Shared…

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Received letter CP501H concerning tax...
Received letter CP501H concerning tax due. What is Shared Responsibility payment?
Submitted: 3 years ago.Category: Tax
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7/21/2015
Tax Professional: Lev, Tax Advisor replied 3 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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What is the shared responsibility payment?The shared responsibility payment (SRP) amount that you owe is the assessed payment for not having minimum essential health coverage for you and, if applicable, your dependents per Internal Revenue Code Section 5000A - Individual shared responsibility payment.If you disagree, contact the IRS immediately at the toll-free number on the top right corner of your notice.
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Tax Professional: Lev, Tax Advisor replied 3 years ago
The main issue why you received that notice - because you have a balance due (money you owe the IRS) on your tax account. That specific notice is related to the shared responsibility payment (SRP) amount that you owe is the assessed payment for not having minimum essential health coverage for you or dependents you claimed on your tax return.The law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment. However, if you owe a shared responsibility payment, the IRS may offset that liability against any tax refund that may be due to you.Let me know if you need any further help.
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