Posted on 03/24/2015 1:02:45 PM PDT by BradtotheBone
Experts have long worried that millions of Obamacare recipients will file their taxes this year and and get hit with an unexpected tax bill. The reason? They possibly underestimated their income for the year and wound up pocketing a bigger health care tax subsidy than they should have.
Now we have a better idea of just how expensive that bill could be.
The Kaiser Family Foundation estimates that more than half of U.S. households eligible for health insurance subsidies in 2014 will wind up having to pay back $794 to the government.
The way the health law works now, Obamacare recipients submit their estimated annual income in order to qualify for tax subsidies. Households with incomes between 100% and 400% of the federal poverty level ($11,490 to $45,960 for an individual in 2013, the base year for 2014 subsidies) can be eligible for tax credits to help pay their insurance premiums.
For people whose incomes are less predictable — the freelancers and part-time workers of the world, for example — they run the risk of under- or overestimating their income for the year. This would be less of a headache if you found yourself in the latter group. People who overestimated their income for 2014 got a smaller subsidy than they should’ve been entitled to, so they may end up getting a refund. Per Kaiser’s analysis, 45% of U.S. households eligible for a tax subsidy will be owed an average $773.
Kaiser says 4.5 million to 7.5 million U.S. households will either be owed or owe money as a result of Obamacare tax subsidies received when they file their taxes this year.
(Excerpt) Read more at finance.yahoo.com ...
We paid for the majority of their health insurance by way of massive increases in our own coverage.
And now I’m supposed to care because they get a tax hit? Those subsidies are found money. Income. Pay up.
(I have to see the doctor later this week and in addition to paying for that visit I fear I will need some expensive tests which will also come out of my pocket until I hit my deductible. Not feeling very charitable to takers today)
I pray that all goes well.
Hey “only” 89% of Obamacare buyers are receiving subsidies.
When will these 0bamaCare lies come to an end???
Wait until some of them hear that they owe money due to 0bamacare, without really understanding why that happened.
(The GOP will screw this up, but.....) The GOP candidates should put out commercials asking people how they felt about owing additional income taxes for 2014 due to errors in their 0bamacare premiums.
Lemme guess. Some Democrat will offer to “bail them out” at the expense of the rest of us hard working tax paying fools.
“Hey “only” 89% of Obamacare buyers are receiving subsidies.”
That single statistic shows the entire law is a failure.
Actually it shows that people purchase rationally.
The folks who bought in were getting the gravy.
They’ll continue to vote Democrat which was the goal.
Well, the point was “affordable” health “care”.
The people like my sister who can’t afford health insurance because they are making a car payment on a new car and paying a massive cell phone bill will be footing the bill via the penalty.
One thing you don’t understand.
They aren’t happy with Obamacare because it isn’t “free” unless you are on Medicaid. I don’t know anyone who bought insurance through Obamacare that is happy with it.
We’ll find out the next election.
History indicates that Democrat giveaway programs have been valuable in bolstering their vote totals.
Perhaps in this case it will backfire.
Thanks
The Democrat will win the next election and it will be that way for a while. The Democrats have figured out how to win via voter fraud. They have precincts sewn up in major cities in battleground states with the precinct captains filling the ballot boxes.
I don’t think we will see a Republican president for at least a decade.
“Unexpected”. That word sure gets a lot of use these past 6 years or so.
It is troubling that they seem to do their best work in states with Republican govs and SoS. (Ohio, Florida)
We might but he'll be nearly as socialist.
Remember, this includes millions who were bumped off their plans, and forced into more expensive plans via Obamacare, with the promise of a rebate to help pay the difference. A lot of people will still be paying more even with the rebates.
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