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.............................
They have to, because the list prices are outrageous and bankrupting to many. Better a quarter of a loaf than no loaf at all, so to speak. But, forcing someone to go through this when they are seriously ill is F'd up; and forcing everyone else to haggle or be extorted is also wrong. The Pricing Club component is still there in the insurance scheme, even if it isn't always strictly adhered to.
I just read IRS Notice 2015-9 that is referenced.
“This relief applies only for the 2014 taxable year.”
Is there one for Tax Year 2015?
You can contribute to an IRA for 2015 tax purposes until April 15, 2016. At least, that's what it says here: 4 Last-Minute Ways to Reduce Your Taxes
Or Faux news?............
No my FRiend, I'm just saying that when we did not have an apparatchik media, they would have been all over this type of outcome.
Perhaps you could send a copy of your bill to Jessica Alba, or Oprah or Will.i.am.
These are uber rich celebrities who supported Obama and believed those who “Have”, should help the “have nots”.
You are a have not.
They should pay your bill.
There is a way to buy healthcare without the Obama price tag, but it doesn't meet the standard so you would pay the penalty. Google "short term healthcare coverage". The policies are for six months only. At the end of six months you could buy coverage from another company. Not the greatest product, but it will protect in the event of a medical catastrophe. No coverage for preexisting conditions.
You have my symphathies FRiend. O-care has severely damaged many lives, mine included. You are in my prayers. It’s unbelievable how the MSM has a complete blackout on the Obamacare nightmare. If we had any real journalists, they would explore and publicize how many people have DIED because of this abomination.
I hate Ocare as much as the next person but didn’t you think that maybe, just maybe making more money would affect your subsidy??
You can scream about how unfair it is but by the amount of your total premiums it looks like you made about the same amount of money as Hubby and I yet you expect us to pay your premiums plus all of ours?
Scream at me if you want but that’s what I got out of this.
I’m sorry you now owe all this money but it is subsidies you wouldn’t have received had you reported the change in income.
I think the credit to help employers pay for health insurance is still available.
Well hold on... have you filed anything yet? Have you talked to your accountant, or anyone else about this? Who says they want their subsidies back? Are you perhaps getting excited over this without having some facts?
It sucks that Obama did that to you. It’s like Obama forced you to work all those extra hours, evenings, and weekends for zero dollars per hour. Obama argued before the Supreme Court that the insurance mandate is a tax. So Obama forced you to pay a marginal tax rate of 100%.
I just submitted that question to my company’s Obamacare experts. It usually takes 1-2 business days to get an answer to tax questions. I will reply to your post with their answer when they respond.
Galt is the future. The future is Galt.
That’s reporting man, not vanity.
I too suggest Liberty Health Share.
See - just goes to show you - don’t work so hard - don’t be so industrious - don’t try to raise your status in life - don’t be so responsible - another success for the “Progressive Movement” and Obama’s drive to fundamentally change America....
So - you were, in effect, a slave to the government.
Working for no compensation.
Go to your congresscritter [and Senators] and nicely but firmly tell them you're of a mind to play the Chinese coolie card [you said you were of Oriental descent].
It might work, or at least strongly rattle a few cages.
You understand how badly this would look on a local news broadcast, don't you?
No, you AND/OR your wife can contribute to an IRA, until April 15, 2016.
Make sure you designate the buy for tax year 2015.
It comes straight off your AGI, and you might also be able to do line 34, form 8880 [form 1040A], for an additional amount.
Thank You!...........
It’s either a $5000 or $6000 deductible - I don’t even remember at this point.
As Trump said, Obamacare is a disaster and needs to be completely replaced.
Shame on those who voted for such a godless, unqualified, muslim, marxist, juvenile delinquent to our highest elected office.
Trump/Cruz 2016
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