Posted on 10/05/2013 5:32:17 PM PDT by Libloather
**SNIP**
By the way, you can only receive tax credits if you buy from Covered California. They won’t be offered for employer-sponsored insurance or open-market plans.
Will my eligibility for tax credits in 2014 be based on my 2012 or 2013 income — or my estimated 2014 income? And when I do my 2014 taxes in 2015, will there be an adjustment if my actual 2014 income is different than my estimated 2014 income?
Let’s start off with a straightforward answer and then ease into the pain: Your eligibility will depend on your 2014 income, says Anne Gonzales of Covered California, so make the best estimate you can.
Now for the pain: Yes, if your actual income varies from your estimate, you’ll either owe, or be owed, money.
“If your income goes down, you’re entitled to more credit, so you’ll be entitled to a refund on your 2014 tax return,” says Garry Browning, a Modesto CPA who trains other CPAs in Obamacare matters. “But if your advance payments were more than you’re entitled to, you’re going to have to pay back the difference.”
He notes that there is a maximum you’d have to pay back, which varies with your income. If, say, annual family income is less than 200 percent of the FPL, repayment is capped at $600 ($300 for individuals). The cap is $2,500 ($1,250 for individuals) if annual income is between 300 percent and 400 percent of FPL.
To avoid sticker shock, Gonzales suggests you contact Covered California right away if your income undergoes a change during the year.
(Excerpt) Read more at dailynews.com ...
Neo-communism shouldn’t be so complicated.
All answers are on the Obamacare websites..HAHAHA
My income varies from week to week.
For most their 2014 projected income is “Uncertain.”
Because the covered California plans are so over priced?
Especially if you’re a contract employee on and off.
Yep, but the Commies didn't want to come out so soon upon the Obunga care release to say that all BELIEVERS won't pay a Dime Not just YET.
Do not get a better job. Stay in your caste peons.
I detest any form that asks how much I earn so they can determine how much to charge me for whatever it is they ae offering. FAFSA comes to mind. I tried checking it out once and vowed to never go there again. healthcare.gov smacks of the same thing. I will not go there, EVER. I am exempt since I am a member of a healthcare sharing ministry.
One billion dollars!
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