Failure to have health coverage or qualify for an exemption may result in the assessment of a Shared Responsibility Payment (SRP) on your New Jersey Income Tax return.
Individuals who are not required to file a New Jersey Income Tax return are automatically exempt from the SRP.
While deciding on what’s right for you and your family, it is important to note that the SRP is subject to the same penalties and interest as New Jersey Individual Income Tax.
To calculate the SRP for 2019, 2020, 2021, 2022 or to estimate the SRP for 2023, visit our calculations page.
You are required to make a payment for the months that you and any family members do not have minimum essential coverage or a coverage exemption when you file your tax return.
The payment is set per criteria in the New Jersey Health Insurance Market Protection Act of 2018. The law states that your payment amount is capped at the cost of the statewide average annual premium for Bronze Health Plans in New Jersey.
The following are ranges of the SRP for the 2023 tax year:
Note: Household income is the income of all members in a household, including dependents.
Your penalty amount will be calculated and entered on your 2021 New Jersey Income Tax return (Form NJ-1040). If you owe more than you are getting back in refund, pay the amount of tax due on the tax return. We will send a bill if the amount of tax due is not paid with the return.