Posted on 01/20/2015 7:29:29 AM PST by servo1969
For 2014 there were somewhere around 7M exchange signups. Most of those folks are likely to have taken the advanced premium tax credit. Everyone seeking a subsidy or has taken an advanced one has to complete Form 8962 and submit it with their regular 1040 form to reconcile payments. Unless the IRS database isn't written yet, it will be reconciled at tax filing.
I know plenty of divorced blue collar fathers who earn less than 40K a year and pay ENORMOUS New York Child Support who can’t afford health insurance after paying taxes AND “child” support (which the father pays taxes on and the mother receives tax free).
Of course there is no consideration that the father may be paying up to half (and beyond)of his NET salary in “child” support.
Oh and I can’t stand those Jackson Hewitt tax commercials with the commie Pete Seeger singing “I’ve Been Workin’ on the Railroad” in the background!
There are places low income people can go to get their returns filled out if the process is beyond them. AARP volunteers are one of them.
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