Posted on 12/28/2013 10:44:09 AM PST by SeekAndFind
If you are currently receiving a subsidy from the government for your health insurance, you better be aware that any "life changes" that occur during the year - marriage, divorce, increase in income - has to be reported to the IRS. Otherwise, you're liable to get a nasty surprise come tax time.
It's a new responsibility for this group - many of whom are just struggling to sign up.
The IRS, for its part, must make sure consumers don't get blindsided - or it will face a bunch of angry taxpayers who didn't realize they would owe Uncle Sam money back, tax experts said.
"If I were the IRS, I would be very concerned that I'm going to be viewed as the villain when people have to pay back money the government gave them for health insurance," said Chris Condeluci, who was Senate Finance Committee GOP tax counsel during drafting of the Affordable Care Act.
There is time. Potential "repayments" to the government will not come due until 2015, when recipients file next year's taxes. But the new rule for reporting these life changes begins this January.
But there might be good news: If a recipient's income were to fall and it wasn't reported, the recipient could get a nice, fat check because he or she would be owed a larger Obamacare tax credit than was received.
Right now, the IRS does explain the issue on its website, but consumers would have to be looking for the information to find it.
(Excerpt) Read more at americanthinker.com ...
So another discouragement for people to get a job or better themselves financially
Perhaps they could just open health clinics in IRS offices.
but they would only be doing proctology exams.
“”If I were the IRS, I would be very concerned that I’m going to be viewed as the villain when people have to pay back money the government gave them for health insurance,” said Chris Condeluci, who was Senate Finance Committee GOP tax counsel during drafting of the Affordable Care Act”
Seriously? The IRS acts without fear of reprisal from anyone under this administration. It has become the secret police arm of obama and his criminal enterprises.
” you better be aware that .... has to be reported to the IRS.”
Oh really. So now the IRS wants to know everything about us! Why don’t they just ask the NSA?
So, an Obamacare subsidy is considered income?
Its considered “income” the way other government assistance is treated.
If you’re at poverty level, you don’t need to file a tax return. It would cost the government money to process it than it would receive in revenue.
My guess is if you don’t need the subsidy, then yes you would have to pay it back.
As as a betting man, I don’t see the IRS playing Uncle Scrooge here.
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BWAHHAAA HAHAA BWAHA HAA HAA HAA
BWAHHAAA HAHAA BWAHA HAA HAA HAA
BWAHHAAA HAHAA BWAHA HAA HAA HAA
or IRS offices in healthcare clinics
To have healthcare you must be completely dependent on the government, not married, several children on food stamps welfare disability and social security.
“If I were the IRS, I would be very concerned that I’m going to be viewed as the villain”
Do they really care?
"Yay, I got a pay cut and reduced hours! Wonderful news! Can't wait to get a federal IOU in April!"
Executive order ‘fixing’ this ‘glitch’ in 5.4.3.2...
Just in time for the mid terms.
Oh, for Pete’s sake. This means it’ll take another hour answering all the Turbotax questions for a 1040-EZ.
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