Posted on 01/13/2015 6:47:07 AM PST by SoFloFreeper
Be prepared for the tax man to get even more personal this year — with questions about your health insurance.
For the first time, you'll have to state whether you had health insurance, through an employer, one of the exchanges or purchased privately. And if you didn't, you could face a penalty.
Also, if you got advance payments of the premium tax credit under the Affordable Care Act, even for only part of the year, there's a new form to file...
There's more. If you had life changes — a new job with a higher salary, for example — from the time those tax credits were approved, you could end up having to pay some or all of the money back....
"I see deer-in-the-headlights looks," said Dave Duval, TaxAudit.com's vice president of consumer advocacy. "These are new items.
(Excerpt) Read more at m.seattlepi.com ...
Another Full Employment for Accountants and Tax Preparers law.
I wonder if this will finally wake up some of the sheep who have been thinking that Savior Obama gave them “free” healthcare. Filling in forms is hard!! Make the rich do it for me!! What do you mean I have to pay a penalty???
Wait’ll tens of millions of Americans see the effects on their tax returns.
This is when the “real” backlash begins. Buy popcorn.
The uneducated voter who is receiving free money and help from the government, had to fill out plenty of forms to get that help. Come to think of it, I wonder if it is harder to get unemployment benefits than welfare?
Now the person working and voting, they are the ones with the deer in the headlight looks.
Ain’t a free country grand?
From the first time I heard about how they were doing this, I KNEW it would be trouble. There are MILLIONS of people who don’t know, in January, what their income is going to be for the year.
They’re going to get promotions, or new jobs, and then.. WHAM! Along comes Uncle Sam with his hand out. It’s going to be ugly.
It’s ALREADY ugly.
John Roberts, I hope you get piles, you smart-*ss son of a submariner.
One's freedom to prosper and make money is under threat because every step you try to take up the ladder you have to think about your new welfare handout.
I noticed that H&R Block now has “Affordable Care Act Specialists” on their staff.
Have had 6 years of this on my Mass State Income tax form thanks to Romneycare.
Just wait till the LIV discovers the IRS is subtracting money from their refunds because their Obamacare subsidy is too generous.
Anybody who didn’t vote for $h!thead should not have to do the forms.
Only if you are getting a subsidy from them...otherwise you are not affected.
True... it won't affect everyone. But, for the one's it does hit? It's gonna leave a mark. Dealing with the IRS NOT fun.
Yessir...you are right. The ones it will affect the most are those who are working, pay some taxes and get subsidies. The ones who do not pay taxes: I am not sure what the impact will be for them...a lesser subsidy? lower EIC? The ones who work and got a small raise or something will find the clawback to be hurtful. I HOPE it isn’t too severe. If you got a small raise say %.50 an hour or something, it might not be too awful bad. Probably hurt more if you crossed an income threshold.
I reckon it might be bad in a place where they artificially upped the minimum wage...those folks who went from a subsidy based on $8 or $9 per hour now have a wages of $12.5 or $15...well that’s just going to suck for them. Reckon they will find out about no free lunches.
I was concerned with them asking intrusive questions but according to the instructions for 1040 line 61 is just a check box.
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