Unless you were living under a rock, the media has constantly been talking about how if you get health insurance through the exchange,many people are eligible for a subsidy. As a matter of fact 6.9 million people qualified for the subsidy in 2014. That sounds good. BEWARE tax time is approaching. Here’s the latest and don’t be surprised when you hear people complaining they didn’t know this could happen. Obamacare Tax Surprise is going to bite some people in their bank account!!
(1) People who got the subsidy could be paying a portion of it back if they estimated their income too low.
(2) Those who did not get health insurance, the penalty for the first year is $95 per adult, $47.50 per child, $285 for a family of four or 1% of income, whichever the government deem is greater. OH there are exemptions and waivers available, check it out at www.healthcare.gov/exemptions
What you must know about the subsidy is that it is a monthly rate applied to your health insurance. All of those people that got a subsidy through the exchange or your local exchange will receive a Form 1095-A in the mail by January 31st. Then you will need to complete Form 8962. This form is something to see. Here’s where things are going to get sticky!! It lists every month!!
Here’s something they didn’t consider: (1) What if a person had health insurance for a part of the year and then got behind on payments and their insurance was terminated. Why should this person be penalized for not having it? They tried to do the right thing, yet it became UNAFFORDABLE for them. (2) What about the husband that has health insurance through his job and can’t afford to add the wife and children because of costs. Family glitch is what it is called and there are several different components to it. You definitely will want to click the link and read up on it.
Now is not the time to ignore what is happening when it comes to health insurance. The Affordable Care Act – Obamacare made it a tax issue and believe us, there are going to be some VERY UNHAPPY people!!