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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, April 30, 2015

Obamacare Tax Shock: ‘Far Worse Than Predicted’

5.5 Million Americans Owed the IRS Money Because of Obamacare,
Up Significantly From An Expected 3.4 Million

Editorial Cartoon by The Looking Spoon
Obamacare: A Tax Shock For Millions, More Confusion Expected Next Year

“So roughly 5.5 million ObamaCare enrollees had to return, on average, almost a quarter of their premium subsidies. Given that these subsidies are available only to families with modest incomes, that's got to hurt.” (“ObamaCare's Tax Shock Is Far Worse Than Predicted,” Investor’s Business Daily, 4/28/15)

“Most filers who received government subsidies to buy Obamacare plans had to pay money back to the IRS this year, according to an H&R Block analysis released Monday that looks at the health law’s first full tax season.” (“No Free Ride: Two-Thirds Of Obamacare Recipients Had To Repay Subsidies To IRS,” Washington Times, 4/27/15)

“Almost two-thirds of tax filers who received insurance via the state or federal insurance Marketplaces had to pay back an average of $729 of the Advance Premium Tax Credit (APTC), cutting their potential refund by almost one-third, according to analysis of filing data by H&R Block” >(“H&R Block’s Final ACA Stats: Refunds Impacted For Most Who Received Advance Tax Credit,” H.R. Block Press Release, 4/27/15)
·         “With current Marketplace enrollment figures at 11-plus million there is potential for more taxpayers to have to repay a large portion of the APTC during next year’s tax filing season, according to Mark Ciaramitaro, vice president of H&R Block health care and tax services. “There was quite a bit of new ACA-related complexity for taxpayers to deal with this tax season,” Ciaramitaro said” (“H&R Block’s Final ACA Stats: Refunds Impacted For Most Who Received Advance Tax Credit,” H.R. Block Press Release, 4/27/15)

“Back in January, H&R Block figured that about half of the 6.8 million people who were getting ObamaCare subsidies would owe some of the money back. Another expert reckoned the average payback at $208. That was enough to set off alarms about the "unpleasant tax surprise" these millions would face. The tax experts were too optimistic, however. H&R Block now figures that two-thirds of ObamaCare enrollees who got subsidies had to pay at least some of it back.” (“ObamaCare's Tax Shock Is Far Worse Than Predicted,” Investor’s Business Daily, 4/28/15)

“‘This season saw general ACA-related confusion, incorrect or delayed 1095-A information documents, and overall anxiety regarding refund impacts,’ Ciaramitaro said. ‘With many taxpayers now receiving coverage documentation, more taxpayers who will experience APTC reconciliation and the doubling of penalties, unfortunately we should expect taxpayer anxiety and confusion to continue next year.’” (“H&R Block’s Final ACA Stats: Refunds Impacted For Most Who Received Advance Tax Credit,” H.R. Block Press Release, 4/27/15)

Americans ‘Shocked’ & ‘Blindsided,’ ‘They’re Telling Me I Owe Thousands Of Dollars’

“‘All of those people reacted with “genuine surprise” when they were told they owed a repayment…’” (“Obamacare Sticks Some Enrollees With Unexpected Bill,” CNBC, 4/10/15)

‘Mike Highsmith… has to pay back every cent of the $6,624 in federal subsidies’ “‘I wasn't very happy,’ said Mike Highsmith, 61, a retired US Airways flight attendant who learned after having his taxes done that he has to pay back every cent of the $6,624 in federal subsidies that helped pay the lion's share of his HealthCare.gov-purchased plan. ‘This shocked me ... I didn't know this was coming.’” (“Obamacare Sticks Some Enrollees With Unexpected Bill,” CNBC, 4/10/15)
·         “…the ‘absolutely worst-case scenario’ is someone in Highsmith's position, who ends up earning more than 400 percent of the poverty level after receiving subsidies during the year… [Bradley] Heim noted that people who go over the 400 percent poverty threshold by even a dollar can end up owing several thousands of dollars back in subsidies. ‘All those subsidies go to zero once you hit 400 percent of poverty,’ Heim said. ‘You can go from a $10,000 [subsidy] to be eligible for nothing.’” (“Obamacare Sticks Some Enrollees With Unexpected Bill,” CNBC, 4/10/15)

‘Dave Benardino …is now looking at a tax bill of $1,800.  “All of a sudden, they’re telling me I owe thousands of dollars in subsidies. I never got subsidies”’ “Consider Casale’s client Dave Benardino of Las Vegas…It’s not clear whether the exchange or the insurer ever received the $3,700, Casale said, but Benardino is now looking at a tax bill of $1,800. ‘All of a sudden, they’re telling me I owe thousands of dollars in subsidies. I never got subsidies,’ he said.” (“Past State Obamacare Sign-Up Glitches Now Haunt Nevadans At Tax Time,” Las Vegas Review Journal, 4/7/15)

“Karen … [had] to request an IRS filing extension after her premium tax-credit statement, or 1095-A form, showed mistakes. That’s a problem because she needs her $1,000 refund to ‘juggle bills and get caught up.’” “Karen, a Southern Nevadan who asked that we use only her first name, said representatives in Xerox’s Henderson call center advised her to request an IRS filing extension after her premium tax-credit statement, or 1095-A form, showed mistakes. That’s a problem because she needs her $1,000 refund to ‘juggle bills and get caught up.’” (“Past State Obamacare Sign-Up Glitches Now Haunt Nevadans At Tax Time,” Las Vegas Review Journal, 4/7/15)

‘Janice Riddle got a nasty surprise when she filled out her tax return this year. … she has to pay back the entire subsidy, which is forcing her to dip into her savings’ “Janice Riddle got a nasty surprise when she filled out her tax return this year. The Los Angeles resident had applied for Obamacare in late 2013, when she was unemployed. She qualified for a hefty subsidy of $470 a month, leaving her with a monthly premium of $1 for the cheapest plan available. Riddle landed a job in early 2014 at a life insurance agency, but since her new employer didn't offer health benefits, she kept her Obamacare plan. However, she didn't update her income with the California exchange, which she acknowledges was her mistake. Now, she has to pay back the entire subsidy, which is forcing her to dip into her savings.” (“I Have To Pay Back My Obamacare Subsidy,” CNN Money, 2/13/15)
·         ‘I was blindsided… I'm in shock’ “‘I was blindsided that the subsidy has to be paid back,’ said Riddle, adding she didn't even use the coverage, which she had until she qualified for Medicare in October. ‘I'm in shock...but I have no choice. Do I want to argue with the IRS or the Obama administration?’” (“I Have To Pay Back My Obamacare Subsidy,” CNN Money, 2/13/15)

‘Erica Cherington… has to pay back $600 of her subsidy’ “Erica Cherington, 32, was ‘very happy’ to enroll in Obamacare last year so she could address some health issues. She only had to pay $89 a month for a Horizon Blue Cross Blue Shield plan, thanks to a $284 monthly subsidy. She let herself be automatically re-enrolled for 2015. During 2014, however, the Newark, N.J., resident landed a new job with a higher salary. Now, she has to pay back $600 of her subsidy.” (“I Have To Pay Back My Obamacare Subsidy,” CNN Money, 2/13/15)
·         “Cherington is now considering dropping her coverage and paying the penalty instead. ‘It's not really affordable,’ she said of her new premium. ‘I don't know if I'll be able to keep it.’” (“I Have To Pay Back My Obamacare Subsidy,” CNN Money, 2/13/15)

“My client, age 64, was mandated to obtain health insurance. Unemployed and on Social Security, he went through the marketplace and was subsidized $677 per month out of the $822 total premium. So he thought his new health insurance would cost him $145 per month. He ended up picking up a part-time job to help him afford his living expenses. Unknowingly, in so doing, he had disqualified himself for his subsidy. Now he has to pay back to the IRS, in addition to his taxes, $5,416 that the Obama government paid directly to the private insurance company — $5,000 due and payable immediately!” (“Man Lost Obamacare Subsidy, Owes $5,000,” Watertown Daily Times, 4/7/15)
·         “The government wants its money back right now. Watch out people. So much for the promise of reduced health insurance costs.” (“Man Lost Obamacare Subsidy, Owes $5,000,” Watertown Daily Times, 4/7/15)

Tags: Obamacare Tax Shock, IRS, far worse than predicted, Editorial Cartoon, The Looking Spoon To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 9:30 AM - Post Link

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