And the ObamaCare fine is now called a Shared Responsibility Payment" by the IRS.
Low-income people who signed up and will find their expected tax refund reduced as a result will NOT be pleased. Maybe REALLY NOT pleased.
And the ObamaCare fine is now called a Shared Responsibility Payment" by the IRS.
I dont think they will not get a refund if they are low income.
I think they will get a etc credit, refund and their health care subsidy.
Having worked doing returns at HR Block I can agree with you. Low income earners get back huge refunds and they depend on this money, they expect this money, they feel ENTITLED to this money (which is not a real tax refund but really just a welfare payment). When the tax preparer goes over the numbers at the end and point out that the IRS is about to take away a big chunk of that free money they’ve been getting, it will get ugly. Since the filer in question will not understand why the “free” healthcare they didn’t even sign up for is now costing them a lot of money they will get frustrated and angry and VOCAL. Even if they do signup the following year in order to not have their “refund” Grubered again they will soon discover that even with a subsidy they are still going to be paying much more out of pocket for healthcare they used to get for “free” at the local hospital’s Emergency Room. They will then drop out of Obamacare and then boom, they’ll get their ass robbed again come tax time! My heart goes out to all the tax preparers out there. It’s going to go from H&R Block to H&R Glock real fast.