Hey, Øbama, tell ‘em about the true-up feature!!!
That’s right, sports fans. Come tax return time in 2015 you will have a come to Øbama moment when your actual Adjusted Gross Income for 2014 is known. You will recalculate your actual subsidy for the past policy year and pay the difference for the portion of the subsidy you should not have received.
Work OT and inflate your salary? Too bad, pay up. Work too little and fall under 1x the poverty limit? You weren’t entitled to a subsidy, pay it all back. Made $1 more that 4x the poverty limit, ditto, pay it all back. Work on commission and have no idea what your salary will be when you took out your exchange policy? Better plead with your boss to defer your income to 2 Jan 2015.
Take Øbama at his word and that of his minions as ably documented by O’Keefe, feeling safe that you can lie to the exchange just like you did when you took out that “Stated Income” mortgage? Sure, you got that nice fat subsidy but now pay it back.
For most people likely to be in trouble this way, it will simply mean their EITC evaporates. And, of course, it happens AFTER the 2014 midterms. Any RATs left after that debacle better make alternate career plans for 2016.
2015 is going to be a sucky year to prepare tax returns because you will be point man or woman for Øbamacare. They are going to take it out on YOU!
Great point. This thing sure is a mess.