Posted on 02/24/2016 12:38:16 PM PST by Red Badger
Okay, I've posted very few vanities during my time on FR, but this I believe is important for all FReepers and their relatives, who may be in the same situation.
I signed up for health insurance as required under The Affordable Care Act, using the Healthcare.gov website in November of 2014. Up until that time, my employer provided my family health insurance at no cost to me, but because of the new law was unable to continue doing so for financial reasons.
At that time, the Healthcare.gov website, after having entered my base salary numbers and my wife as sole dependent, informed me that I was eligible for a $1002 Per Month Advance Premium Tax Credit (APTC) as the 'subsidy' is called officially.
My part of the premium to my insurance company, Blue Cross/Blue Shield, was $532 per month.
The year 2015 was a good one for my employer, and I worked a lot of overtime, evenings, Saturdays and even Sundays sometimes. Then, at the end of the year I received a large bonus for all my efforts and good work.
Now, 2016 rolls around and I get my W-2 and received my form 1095-A from the Healthcare Marketplace stating all the money paid by the government to my insurance company and what premiums were paid in total.
I have no investments, other than my 401k Plan, and no rental property or any pensions or such. My wife doesn't work and my only income is from my job.
I get the IRS 1040A and start to fill it out, expecting to pay some extra taxes, since the bonus would have thrown the bi-weekly tax schedules used to determine your Income Taxes during the year a little off.
Having had health insurance all year I did not expect to have to pay any more than that.
BUT, as I continued to fill out the 1040A, and subsequently the Form 8962 that you use to report the APTC on your tax return, I was in for the biggest shock of my entire life.
Filling out the 8962 form, I discovered that I was no longer eligible for the APTC because I had made too much money during the year! According to the form, I had made more than 4X the Federal Government's Poverty Level and therefore would not be able to claim the APTC on my 1040A tax return.
Not only that, but I would read that as a result of that, NOW I WOULD HAVE TO REPAY THE ENTIRE YEAR'S APTC THAT THEY HAD GIVEN TO BC/BS in my name!
That amounts to $12,024.00! Yes, you read that right, OVER TWELVE THOUSAND DOLLARS!
Needless to say, I was, and still am in shock! My wife is hysterical. She's afraid we'll lose the house and be out in prison!
We would have been BETTER OFF NOT HAVING ANY INSURANCE AT ALL for 2015!
The 'FINE', or 'MY FAIR SHARE' as they so ridiculously refer to it in the tax instructions, would have been less than $2000.
So, if anyone asks me what I think about OBAMACARE, I will unequivocally tell them in no uncertain terms that it is the worst disaster ever created for a working man in the middle class.......................................................End of rant, and my apologies to Jim Robinson and the Mods for my vanity.............................
BTTT
Join a church (if you do not already belong) and Join Christian HealthCare (or another Obamacare exempt organization) for $450.00 per month (family of 3-5) (additional $30.00 per month for unlimited benefits).
Good luck!
Yep, this how the oppressive workimg schmucks pay their “share” to the deserving parasites of all stripes, who will also get such things as rebates for being parasites.
Wow! Obama will be the horrendous gift that just keeps on giving, until and unless that abomination is repealed. But you have nobody to blame but your fellow citizens who elected him. Twice. The mad dog kept saying what he wanted to do, and they kept right on voting for him.
But the whole point of this exercise, of course, is to hurt people so badly that they demand socialized, single-payer medicine.
Maybe you can get a Obama MHA refinance because of hardship and keep the house.
We don't live in our Father's America anymore.
Folks, if you're reading this, you know what needs to happen.
If you can, please support the forum at this time. Thank you.
Thank all those jag-offs who voted for ObaMao.
Question. Just how much extra, overtime and bonuses, did you earn? How did that compare to the $12k you got smacked with?
I'd find a good tax attorney. Not the local H&R Block popup office. Would be worth a couple of hundred bucks for a consultation.
There are still ways to hide 2015 income, for instance with an IRA (until April 15th). You still need to find some money for the IRA, but at least you get to keep it for yourself instead of handing it over to Uncle Sam.
Good luck.
Obamacare was never about your healthcare, but destroying you.
Obama is an incompetent liar - on every possible subject. Everything about Obamacare was and is a lie. I was a US Army combat infantryman for several years fighting our enemies overseas and left the service to spend more time with my family. Since I’ve been out, my health insurance (Blue Cross) has been cancelled twice, I have no idea who my doctor is now, and my premiums in three years have gone from $450 per month to over $1200 per month (family of four).
No one should even gives this liar the time of day. Shame on all those who voted for such a godless, unqualified, juvenile delinquent to our highest elected office. Mark my words, Obama will go down in history as the worst, most corrupt US President of all time.
The first year I got a quote of $8k for the bronze plan. I would have to pay $10,000 out of pocket before any -insurance- kicked in. So, $18,000. If I got sick toward the end of the year and did not pay my deductible then the whole thing would start over the next year.
A dentist friend decided to pay his fair share. He is wealthy and got insurance for social reasons. He suddenly needed hospitalization. He had a husband and wife policy. He met his deductible only to discover that she also had to meet hers for the insurance to pay. This year he went commando, like me.
It effectively negates all the overtime and bonus for the year, so you might as well say that on those weekend days and nights I was working for the government..................
It would come out basically the same, I believe.
If you had, after the first two months of 2015, gone to the site and adjusted your income upwards, your APTC would have been lowered, and your premium would have jumped way up.
You’d have paid the money anyway, I think.
You would just have been paying a much higher premium every month with a corrected income number.
I was afraid that would be the case. My sympathies.
So typical of liberal polices. You try to work and get ahead and they take it from you.
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