Obamacare subsidy? Make sure the Exchange has your income correct

Tax refunds may get hit due to health law credits – Yahoo Finance.

Here’s why: If your income for 2014 is going to be higher than you estimated when you applied for health insurance, then complex connections between the health law and taxes can reduce or even eliminate your tax refund next year.

Maybe you’re collecting more commissions in an improving economy. Or your spouse got a better job. It could trigger an unwelcome surprise.

The danger is that as your income grows, you don’t qualify for as much of a tax credit. Any difference will come out of your tax refund, unless you have promptly reported the changes.

If your income has changed significantly, either up or down, contact healthcare.gov or your state exchange. In Colorado, you can reach the Connect for Health Colorado “marketplace” at 855.752.6749.

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