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Millions helped by Obama health law may get hit with reduced tax refunds unless they act soon
AP via Fox ^ | 8/25/14 | AP hack

Posted on 08/25/2014 3:34:36 AM PDT by SoFloFreeper

Taxes? Who wants to think about taxes around Labor Day?

But if you count on your tax refund and you're one of the millions getting tax credits to help pay health insurance premiums under President Barack Obama's law, it's not too early.

Here's why: If your income for 2014 is going to be higher than you estimated when you applied for health insurance, then complex connections between the health law and taxes can reduce or even eliminate your tax refund next year.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: obamacare; obamafail; obamanomics; taxes
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To: kjam22; FR_addict

You are paying 40% more because.... where do you think those “subsidies” come from??


21 posted on 08/25/2014 5:19:10 AM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: kearnyirish2

> I agree; I usually end up owing a couple of hundred to either the fed or state, while the other offsets it with a refund. The government will step in if you owe too much, and make you adjust your withholdings.

You got off easy. For years I never paid in less than $15K. And I hated it every time ESPECIALLY since 0 took office. The tax bill always went up but the said they didn’t increase taxes. BS; they just found more creative ways to take it from you by taking away deductions and raising payroll tax requirements and making you pay more higher regulatory fees.


22 posted on 08/25/2014 5:20:22 AM PDT by jsanders2001
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To: albie

Wouldn’t it be interesting if you had to pay your income tax in one huge annual lump sum, and got back your “refund” in trivial dribs and drabs as part of your regular biweekly or monthly paycheck?

Simply imagining the reverse situation is, as you point out, an illustration of how insidious the current practice is.


23 posted on 08/25/2014 5:24:17 AM PDT by Stosh
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To: GeronL

Yep.... I’m thinking... Okay... my premium went up 40% and I didn’t get any more coverage. What happens when we have to be obammycare compliant? Premium goes up again and we get additional coverage that we don’t need?


24 posted on 08/25/2014 5:35:08 AM PDT by kjam22 (my music video "If My People" at https://www.youtube.com/watch?v=74b20RjILy4)
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To: JPG
I've never understood the logic of getting a ‘tax refund’. Loaning the govt your money at 0% interest doesn't seem like a wise financial move.

My wife and I adopted two children a couple years ago, never gave a thought to the income tax implications - until time to file. We got more than $5,000 tax refund. I immediately adjusted withholdings to reflect our new status.

25 posted on 08/25/2014 5:35:09 AM PDT by Graybeard58 (Fear God, and keep his commandments: for this is the whole duty of man.)
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To: kjam22

Yep, something like that. Healthcare has become a tax and welfare program.


26 posted on 08/25/2014 5:49:06 AM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: FR_addict

Previously, I crafted my withholdings so that my ‘refund’ was less than $1-200 every year. I never owed a cent.

One year about 4 years ago my then-employer got a letter threatening sanction against both parties if my withholdings weren’t increased.

I later learned why; this is an extension of that scenario.


27 posted on 08/25/2014 6:44:22 AM PDT by logi_cal869
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To: NonValueAdded
How many are going to blame their Navigators for advising a low-ball estimate to get that big subsidy.

All of them?

And then the lib-tards will start jumping around screaming about how "unfair" it is to "take away" their tax refunds just because a government official "made them" underestimate their incomes.

And then Obama will "fix" it with his pen and phone, and they will all receive their full refunds AND their Obamacare subsidies.

28 posted on 08/25/2014 7:19:22 AM PDT by WayneS (Don't blame me, I voted for Kodos.)
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To: WayneS

and fine “big insurance” for predatory underwriting


29 posted on 08/25/2014 7:25:27 AM PDT by NonValueAdded ("Kerry, as Obama's plenipotentiary, is a paradox - the physical presence of a geopolitical absence")
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To: SoFloFreeper

Would this be the “tax refunds” resulting from the “Earned Income Tax Credit”?


30 posted on 08/25/2014 7:34:30 AM PDT by anoldafvet (Why would the White House send 3 representatives to a thugs funeral?)
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To: NonValueAdded

Right! I missed that step.

Good catch.


31 posted on 08/25/2014 7:47:09 AM PDT by WayneS (Don't blame me, I voted for Kodos.)
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To: kjam22

Probably your cost went up to cover those who are now in obamacare.

Regulation raises prices for all customers.


32 posted on 08/25/2014 8:21:47 AM PDT by what's up
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To: SoFloFreeper

Another gift from the DEMOCRATS.


33 posted on 08/25/2014 8:47:09 AM PDT by Vaduz
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To: JPG

They get thousands in earned income, I pay every year, not a whole lot but I always owe. One member on my family got back 12,000 in earned income that’s what will probably change next year.


34 posted on 08/25/2014 8:52:46 AM PDT by boomop1 (Only term limits will save this country.)
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To: SoFloFreeper

Totally unexpected.


35 posted on 08/25/2014 2:13:37 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: jsanders2001

Oh, I don’t have income tax bills of hundreds of dollars; I meant my withholding is set up so that I’m fairly close on both counts (state & federal), and that what else is owed on TOP of that is often offset by an overpayment on the other. I pay thousands in income taxes, and even more thousands in property taxes than both of my income taxes combined.

Here in NJ one means of “keeping taxes down” means increasing fees on everything else (from fishing licenses to motor vehicle fees to state beach admissions).


36 posted on 08/25/2014 3:30:32 PM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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