When you file this year there is a new question. Did you file for a 2014 tax return and reconcile any premium tax credit you used? The problem being many people who file for a subsidy live on low incomes and don't usually file a tax return. They now must file. Your subsidy is based upon an expected income for the coming year.
The premium tax credit form, the dreaded 8962, is really hard,"Eileen P Duppan. It's enough to make you cry. That form, it was almost impossible to figure out.
Another problem people must compare tax credits based on projected income with the amount they actually were able to receive for the year. If they receive more, they must pay back the excess, and the government can deduct it from their tax refunds.
Christian Speidel, tax lawyer, "A substantial number of people are at risk for loosing their health insurance subsidies. The I.R.S. sent out more than one million letters to people who have received payments paid but have not filed their tax returns. "If you do not file a 2014 tax return you will be responsible for the full cost of your monthly premium and all covered services." The letter said.
People are fearful. Many feel anger. Without the subsidy they cannot afford health insuracne. Most of all, if they did not file for taxes and do not return in the fall to the market place they can be automatically re-enrolled at the full price only to find out the subsidies are cut to zero.
May I also add may God have mercy on these dear people who have lost their health care and a big bill from the government. Is this what the President called for? Millions of people loosing their health care simply because they did not file for taxes? And if not coming back to the market place in the fall they can be automatically re-enrolled at the FULL PRICE and subsidies cut to zero?
I encourage all who are in this predicament to at least go to Health Care.gov or a local insurance councilor to assist yo, because you failed to file and reconcile your 2014 tax credit.
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