Posted on 01/03/2015 6:45:06 AM PST by SeekAndFind
As many as 3.4 million people who received Obamacare subsidies may owe refunds to the federal government, according to an estimate by a tax preparation firm.
H&R Block is estimating that as many as half of the 6.8 million people who received insurance premium subsidies under the Affordable Care Act benefited from subsidies that were too large, the Wall Street Journal reported Thursday.
“The ACA is going to result in more confusion for existing clients, and many taxpayers may well be very disappointed by getting less money and possibly even owing money," the president of a tax preparation and education school told the Journal.
While the Affordable Care Act fines those who don't have health insurance, it also provides subsidies for people making up to four times the federal poverty line ($46,680).
But the subsidies are based on past tax returns, so many people may be receiving too much, according to Vanderbilt University assistant professor John Graves, who projects the average subsidy is $208 too high, the Journal reports.
Tax preparers, who frequently advertise their ability to deliver big refunds, have been working feverishly to avoid customer anger stemming from lower-than-expected refunds due to insurance premiums. They also are trying to make sure customers understand the potential fines for not having insurance.
(Excerpt) Read more at washingtonexaminer.com ...
Good luck with that loser feds
And guess who gets to make up that deficiency (that they created in the first place)?
Wouldn’t it be hilarious if all those people getting a $5k “refund” (tax return money they didn’t pay in the first place) suddenly find out their refund is reduced or eliminated because it paid for their obamadontcare subsidy? Roflol
Gee aint it great how liberals have simplified our lives?
Most likely by design. All these people will do is vote for the next Democrat who promises them to “forgive” that debt. 3.4 million instant Democrat votes as the lib’s beat the Republicans over the head for the next 18 months for not “watching out for the little guy”.
The likelihood is that if you get a subsidy, you’ll probably get some kind of EITC gift payment. I call if gift payment because it is money stolen from someone else so that you could pretend you actually made some money and that you actually overpaid your taxes. They will reduce that payment by the amount you over recovered in the subsidy...
ROFL! This sure isn’t going to make the government cheese eating welfare rats very happy now is it?
What are the odds that the IRS will try to collect the overpayment?
About 1 in 19 trillion - maybe?
Good observation. Liberals love complexity because it inevitably expands the size of government.
This IMO is actually good. The ones that received this money are the most likely to not pay their taxes and therefore they will tie up the IRS by having the IRS chase the deadbeats all year thereby leaving we honest taxpayers alone and unfettered by the vindictive IRS.
Ha Ha!
The stupid! It burns!
What is the old adage about blood from a stone?
To all the people with their heads still halfway up their anal exit passageways: Did you really expect something for nothing?
nobamacare... the gift that just keeps on giving and giving and giving...
Those guys are going to be fine. Their subsidy is correct because they have no income.
The people who are going to get hit are those who worked part of the year. Imagine someone who loses their job and gets Ocare while their income is $0 (or just unemployment pay). This person gets the full subsidy because of their low income. After a couple of months that person gets a good paying job and ends up making >$46K for the year. Now they have made too much money and are entitled to no subsidy. Whatever subsidy they received will come out of their tax return (or more likely will be taxes owed).
The graphic below says they'll pay >$300 for each month they had Ocare.
About 1 in 19 trillion - maybe?
Has the IRS suddenly become a benevolent organization that happily ignores a tax debt?
My BIL has lost 2 doctors and not maee the connection. His (retired) NEA wife has lost several and not made the connection. He keeps telling me my wife and I should drop our grandfathered policies (which went up 10% last year and 5% in 2015) and get Obamacare polices. No matter how many times I show him we would pay more and get less, he still thinks we should do it. Liberalism is truly a mental illness.
He’s on medicare with a supplement so he still thinks he is immune to the coming crap storm. She is still on her teacher’s Cadillac policy and is completely clueless.
Both voted twice for The One. And would again tomorrow.
Let's ask Al Sharpton.
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