Did You Take A Tax Credit On Your Obama-care? Get Ready To Pay Up! Lol

[OriginalShroom]

Remember the old saying... If it sounds too good to be true, it isn't.?

Guess what... Get ready to pay up on the tax credits you took for Obama-care.

Tax refunds will be cut for ACA recipients

A significant benefit of the Affordable Care Act is the opportunity to receive money-saving tax credits up front to cut the overall cost of health insurance, but now hundreds of thousands of consumers could owe back some of that money next April.
Those affected took advance payments of the premium tax credit for health insurance. Some married couples could owe $600 or $1,500 or $2,500 or even more. It might feel like a raw deal for some who are already suffocating under the escalating costs of health insurance.

 

[Mr. H.]

Appears there could be some mighty grumpy folks come tax time.

And we ain't even reached the employer mandate phase.

 

[Moonglow]

I no need to mess with dat...

 

[Care4all]

The article is a very poorly written article and truly does not explain much at all...it is fear mongering.

I worked as a volunteer with a local church, helping those who were unable to get insurance through their employer or too poor to afford it due to being self employed or just too poor period and they qualified for Medicaid, apply for Obamacare.....

The Obamacare web site and their call center made it VERY CLEAR to those applying, that they needed to call the 800 number and notify them if there were any life/work/pay / family changes and the people I helped understood that...in fact, I believe they had to sign off on it or verbally answer 'yes' when their call center helper told them...

And it is my understanding that if at the end of the year, they made less than they estimated they would make, at tax return time, they would get even more of a credit than the amount of credit they got with the higher salary they had put down, but if they made more than what they had put down, then they would owe the difference...the difference between how much of a credit they would have gotten from the gvt by making less or by making more vs what they actually estimated and put down.... If your family income was $1000 more than what you had estimated it would be, then I believe you would owe back to the gvt, $100....that is, if you had not notified them as soon as you knew you would be making more....

If you had notified them, then I believe the ACA would have adjusted their monthly payments as soon as they were notified and nothing would be owed out of pocket at tax time....

But what many might not know, and it probably does not matter, at least for the people that I helped sort through the mess of applying...is that they can not deduct the amount that they have paid towards their own health care insurance from their income....at least that was my understanding. It won't matter with the people I helped because none of them ever filed the long form on their tax returns, they filed the short form because they had no tax write offs that came to more than the standard deduction amount....thus they use the short form with no health care deductions.

As example, my husband and I, with health insurance through his job, pay for health care insurance with salary that is NOT TAXABLE, so his yearly taxable income is less than what he actually grosses in salary...which is an AWESOME BENEFIT and basically....a great tax write off.

families with Obamacare through the exchange, could be paying $400 a month for their portion of the Obamacare bill, that $400 that us working for an employer that supplies health care as a benefit is not having to claim as income, the people on the exchange have to claim that $400 a month as income and have to pay income taxes on it....

IF I UNDERSTOOD THIS CORRECTLY? emphasis on IF