New 'Obamacare' tax credits might hav...

New 'Obamacare' tax credits might have to be paid back to US

Posted in the Columbus Forum

Wait what

Columbus, OH

#1 May 16, 2013
WASHINGTON - Millions of people who take advantage of government subsidies to help buy health insurance next year could get stung by surprise tax bills if they don't accurately project their income.

President Obama's new health-care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they don't already get coverage through their employers. The subsidies are based on income. The lower your income, the bigger the subsidy.

But the government doesn't know how much money you're going to make next year. And when you apply for the subsidy this fall, it won't even know how much you're making this year. So unless you tell the government otherwise, it will rely on the best information it has: your 2012 tax return, filed this spring.

What happens if you or your spouse gets a raise and your family income goes up in 2014? You could end up with a bigger subsidy than you are entitled to. If that happens, the law says you have to pay back at least part of the money when you file your tax return in the spring of 2015.

http://azstarnet.com/news/science/health-med-...

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Columbus Discussions

Title Updated Last By Comments
Kasich then Dewine? 2 min freebawllin pharmer 9
Obama at Hisoshima 5 min Free Pizza 4 U 10
Federal lands in America 27 min Male 101
Men in the Girls Bathroom 52 min Oliver Canterberr... 365
worst lie Obama told in his presidential campaigns 1 hr Oliver Canterberr... 6
Democraps....the party of rape 1 hr Free Pizza 4 U 3
Radical Islamist in Sanders camp 2 hr Duke for Mayor 16
More from around the web

Personal Finance

Columbus Mortgages