The Obamacare tax man cometh: Will you be ready?

The Obamacare tax man cometh: Will you be ready?.

While more than 75 percent of filers are expected to have no problem complying with a new disclosure requirement, millions of others could face a time-consuming, complicated process to determine if they owe the government money or are owed money in connection with subsidies they received to help pay for their Obamacare health insurance plans.

If peoples’ annual incomes were higher than they first estimated when they applied for those subsidies, they will owe money back to the government. The reverse is true if their incomes were lower than estimated. About 85 percent of the 6.7 million paying Obamacare customers as of October were receiving subsidies, and research suggests that many of them could have had income swings during the year.

Millions of other people will be trying to figure out during tax season if they qualify for one or more of a slew of exemptions from the Obamacare mandate that they have health insurance during 2014 or face a fine.

Resources:

Share
This entry was posted in Obamacare and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *