IRS Tax ProblemsIRS News

Uncle Sam could take a bigger bite at tax time for those tax payers Who received too much government help in 2014 with their Obama care premiums.
We are approaching the first tax deadline involving the Affordable Care Act.

Most Americans who get their health insurance covered through their employer will see very few changes in filing their taxes. For most of you, you only need to check a box on your tax return indicating you had health coverage.
However, if you purchased A private health plan in a government run exchange or went without insurance your taxes will be a little more complicated.

Obamacare was launched about one year ago, but the tax penalties for being uninsured are just now kicking in.

Experts are predicting that 40% to 50% of families that qualified for financial assistance might have to repay some portion because their actual household income in 2014 was higher than what they estimated during the enrollment period.

Approximately 7 million Americans signed up for the insurance through insurance exchanges. They pay discounted premiums because of subsidies from the government.

“This could flip people from having a refund to not,”said John Graves, an assistant professor of health policy at Vanderbilt University.

Essentially, if the taxpayers income is higher than estimated there is an increased likelihood of increasing their tax bill. But it could also work the other way. If The taxpayers income is less than it was estimated to be, their tax bill maybe less, and they could actually get in increased refund.

Individuals earning up to $46,000 per year, and families of four earning up to $94,000 a year can qualify for subsidies.
According to a survey by H&R Block tax institute, two thirds of consumers did not know that their 2014 tax return could be used to reconcile their subsidy