Comes now 2015 and time to file taxes based on your 2014 ACTUAL income. No more guessing. No liars poker. Time to show your hand.
Way back in 2013 if you needed health insurance and wanted the taxpayers to help you pay for the newly inflated premiums, you went to goodluck.gov and applied for Obamacrack.
The less income you PROJECTED, the bigger your subsidy.
Such a deal.
Keep in mind you didn't have to prove anything, not even citizenship. Just show up, claim you are poor, and you get free stuff.
Obamacrack was born.
The presidents signature legislation was prepared to create a nation of people addicted to the expectation of free, or almost free, health insurance and health care.
April 15th is upon us and time to settle up.
New forms. Higher tax prep fees. And questions. Lots and lots of questions.
Enrolled and received subsidy for the first five months of 2014, then got a new job and enrolled in employer provided insurance. I failed to report the household income change to Healthcare.gov and therefore received more subsidy than was due for those first five months. I cannot find where to complete the Form 8962 in TurboTax. How can I get that form incorporated into my TurboTax return? I should only have to pay back the difference between the PTC based on current income figures versus the APTC which was based on estimated income figures. TurboTax is calculating that I have to repay ALL of the subsidy and that appears to be incorrect.
I selected that we "had health insurance all year" and selected both "plan through work" and "plan through Healthcare.gov" since I had both in 2014. -TurboTax
Look at the date.
Question posed 19 days ago and there are 4 responses.
TaxguyBill seems to have an idea and actually is helpful.
Buffetmom wants more crack, or at least expected the crack to be free.
Now TurboTax tells us we have to repay some to the Marketplace through our taxes. This does not seem justified since during the time we benefited from the Marketplace plan we did not have the income. How do we handle this?Pay the man, sweetie. There is no free lunch.