2020 Tax Year for Residents of New Jersey
This is a reminder regarding The New Jersey Health Insurance Market Preservation Act, a recently enacted law which requires New Jersey residents to maintain health insurance — and the special provision for members of health care sharing ministries, such as Samaritan Ministries.
This law requires residents of the State of New Jersey to have had minimum essential health coverage (MEC) throughout 2020 or qualify for an exemption of coverage. Failure to have health coverage or qualify for an exemption will result in a Shared Responsibility Payment (SRP).
If you are filing 2020 taxes for the State of New Jersey, you will need to complete Form NJ-1040 and Schedule NJ-HCC to claim your exemption as a member of a health care sharing ministry. For instructions on how to do so, as well as tax form samples, download the PDF below.
This is an informational service only for members of SMI and is not tax advice. For tax advice, please contact your tax adviser.