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In the IRS’s own words · not reviewed by VALID
CP503H notice explained, in the IRS’s own words
We are notifying you again of the outstanding balance you owe for your Shared Responsibility Payment (SRP) account since we haven’t received a response to our previous notice regarding the unpaid balance.
Read the full CP503H page on irs.gov ↗
What this notice is about
We are notifying you again of the outstanding balance you owe for your Shared Responsibility Payment (SRP) account since we haven’t received a response to our previous notice regarding the unpaid balance.
What you need to do
You must pay the amount you owe immediately but no later than the due date shown on your notice.
- Read your notice carefully. It explains how much you owe, when it is due, and your payment options.
- Go to the payments page to make a payment or learn about the other payment options available.
- Apply online for a payment plan to pay off your balance over time if you can’t pay the full amount you owe now.
- Request a temporary collection delay if you’re experiencing financial hardship.
You may want to
- Review this notice with a tax professional.
- View additional information about your tax account.
- Review Publication 5187, Affordable Care Act: What You and Your Family Need to Know PDF.
What is the Shared Responsibility Payment?
The Shared Responsibility Payment (SRP) is the amount that you owe for not having minimum essential health coverage for yourself and other members of your tax household or qualifying for an exemption per Internal Revenue Code Section 5000A - Individual Shared Responsibility Payment.
What is the notice telling me?
This notice is another reminder that you still owe a balance on your SRP account. You're getting this notice because we haven't received your payment or a response to previous notices requesting that you pay this balance.
What if I have questions, don’t agree, or have already taken corrective action?
Call us at the phone number shown on your notice to speak with one of our representatives if you have any questions or disagree with the information on your notice.
If you've already taken corrective action, you should still call us to make sure we have a record of your action and verify that your account information is correct.
Will I be charged interest on the money I owe?
We are required by law to charge interest when you don’t pay your liability on time. Unlike penalties, we cannot reduce or remove interest due to reasonable cause. Interest accumulates daily, so the longer you wait to pay, the more interest we add to your account. Visit irs.gov/interest for more information. See your notice for more information on the interest that may have been applied to your account.
Will I receive a penalty if I cannot pay the full amount?
No, penalties do not apply to the SRP. 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.
How much time do I have?
You need to pay your balance by the due date shown on your notice or additional interest will be added.
What if I need to make a correction to my tax return?
You'll need to file Form 1040-X, Amended U.S. Individual Income Tax Return PDF.
Tips for next year
Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free.
What to do next
- Write down the date on the letter today.
- Look the number up on irs.gov yourself. Don’t trust a link or phone number from anyone else.
- If it says you owe money or proposes changes to your return, take it to a licensed CPA, EA or tax attorney before that date.
Not advice. Not a filing. Verify with a licensed professional. Rules change by year and facts.