A lot of people have to pay back their 2014 ObamaCare Subsidies to the IRS

Looks like a lot of people are getting dinged bigtime from the IRS/ObamaCare big money recovery efforts.

Those juicy subsidies and credits are biting back with ferocity. And you thought it was safe to back in the water eh.

The problem seems to be with the way the subsides and credits are/were calculated by the exchange database.

Many people seem to have "under-estimated" their 2014 incomes when they got sucked into the vacuum void created by the government temptations.

Many were warning of these consequences back when it was just a glimmer of hope & chains.

Now it's time to pay the government pipers of glory.

BwaHaHaHA


*. A lot of people have to pay back their 2014 ObamaCare Subsidies to the IRS .*

A lot of people who received subsidies from ObamaCare in 2014 are finding out that the Affordable Care Act is forcing them to pay that money back to the Internal Revenue Service because the administration did a poor job of spreading important information.

When individuals enrolled in the program at the beginning of last year they had to estimate their income for 2014. The amount of the subsidy that the individual would receive was based on this estimate. Some people thought they could get away with receiving higher monthly subsidies if they intentionally estimated a low income for 2014, while many others simply had no idea what their incomes would be.


For example, early data from some taxpayers shows that 53 percent of Jackson Hewitt clients who received subsidies will have to repay part or all of their subsidies–not a trifling sum, since the average monthly subsidy in 2014 was $264. The largest amounts owed in repaid subsidies so far reach as high as $12,000 .

The bankruptcy lawyers are drooling

That's the amount some would owe in deductible, too. That's a nasty potential hit. Pay the high premium, pay the high deductible and then owe the government back to subsidy. That could be close the $24K in one year. That could be one person's entire yearly income.

a reply to: xuenchen

-
OBSERVATION:

So a CON-Job wasn't enough ... and

Now a .. MUG'n ???

-
On Top of the Above:

Those folks who lost their insurance then felt forced to Buy-Into-ACA ... (especially due to pre-existing-conditions)

(i.e. who or what should be liable for these types-of ...
additional ACA-inflicted-damages?)
.

a reply to: xuenchen

"Liberalism, un-checked, always implodes upon itself because it's policies are unsustainable" - Rush Limbaugh

The truth hurts...now in libs wallets.

We told you so.

Cancellations have a new height of reality now.



So does "denial of service".

It's a pity then the IRS itself don't make any change of income..blah blah, clear in any self assessment form..oops! it does.
Jackson Hewitt is a likely candidate for systematic fraud if they did the self assessment by proxy.

Yeah, except that the ACA is mostly based on the worst parts of Republican plans from Romneycare all the way back to the Heritage Foundation.

A liberal plan would have been single-payer, pure and simple. Make the premium Federal Cadillac plans available to everyone.

So, swing and a miss.

originally posted by: Gryphon66


Yeah, except that the ACA is mostly based on the worst parts of Republican plans from Romneycare all the way back to the Heritage Foundation.

A liberal plan would have been single-payer, pure and simple. Make the premium Federal Cadillac plans available to everyone.

So, swing and a miss.

And all those majority Democrats that passed the law sure got rooked in didn't they.



[_informed info:_]
[ zero Republicans voted for the ACA law ]

a reply to: xuenchen

Yep, they got rooked in; no doubt.

That's what happens when you try to cooperatively govern with Republicans.

We'll see if they learned anything in the future.

I have a family member who works for Jackson Hewitt and I said this same thing the other day on here and was asked for a link as if I was lying about it.

I'm literally lmao at all of these folks who rushed to get their "free" healthcare but didn't bother to read while they were doing it. Maybe next time they will learn there is no such thing as a free lunch and not to just go clicking through a website agreeing to things you don't read.

I'm paying the penalty this year simply because of that fine print that says you will have to pay them back. My husband's income fluctuates too much for me to chance it and there was no way in hell that I was going to pay the government more than I had to.

As long as folks keep lining up and voting for "free" crap.... This will be the result. Nothing to do now but say...

I told you so.

How's that "free" tasting right about now? Good? Sour?

a reply to: xuenchen

The Advance Premium Tax Credits (subsidies) calculations were accurate. The problem is that most people 53% estimated their 2014 income too low. Either they did this intentionally to boost their government handout, or, Obama's economy started growing, generating larger than expected 2014 pay raises. It was the former for most people I know who have/had to repay some of their 2014 subsidy. (The official term is an IRS "clawback") The same thing will happen when 2015 taxes are filed next year.
cwm

a reply to: xuenchen

Why are you so much against Obamacare??!? I don't get it. Here in Denmark we pay 39-43 % Taxes depending on where you live, but for those taxes we get FREE healthcare, free schools incl. university, and we even get money for studying! The equivalent of around 1000$ a month, on top of this we can take a studentloan for another 500$.
What is honestly so bad about healthcare paid by, by the population? Rich and poor? It makes equality, instead of making the rich richer and the poor poorer.

#USLogic #PraiseNWO

a reply to: Kangaruex4Ewe

I don't know of anyone who thought that coverage under the ACA was going to be free.

Who are you referencing, specifically?

originally posted by: Gryphon66


Yeah, except that the ACA is mostly based on the worst parts of Republican plans from Romneycare all the way back to the Heritage Foundation.

A liberal plan would have been single-payer, pure and simple. Make the premium Federal Cadillac plans available to everyone.

So, swing and a miss.

So you are blaming the Republicans? Sorry, dude, they didn't pass the bill or cause it to be writ. Your man in DC gets the blame for pushing it during his administration as his golden promise to the masses. What were you thinking?

a reply to: SBargisen

Obama.Care is not the same as what you have.

a reply to: xuenchen

I don't think you can file bankruptcy on the IRS.

a reply to: Gryphon66

I'm referencing the ones who thought it was going to be free. Are you telling me that folks didn't expect free? Is that what you are saying? Nobody thought this was going to be free?

Are you wanting names? Addresses?

Maybe I could rephrase it if you'd like. There were many, many folks who thought that it was going to BE FREE FOR THEM. As in SOMEONE would be paying, but they weren't and didn't care.

Is that better?

If you can't admit that a lot of folks felt that way, then we certainly live in two different locals wherein reality is colored by many variables. I live in the poorest city in Virginia. Maybe it's different where you reside. A lot of folks are hurting around here and looking for a hand out. That's exactly what they thought they were getting. A lot of them learned differently when they went for that refund check.

a reply to: Aliensun

Not only did the Republicans NOT pass the bill, the Dems didn't even to bother reading it prior to passing it! They know what's in it now...

Yup. It's all the fault of Republicans start to finish...

Watch & Listen as Professor Nancy explains....

Nancy Pelosi Pass the Bill to find out what's in it

At the 2010 Legislative Conference for the National Association of Counties in regard to the Healthcare Refor, Bill AKA Obamacare, House Speaker Nancy Pelosi said, "But we have to pass the bill so that you can find out what is in it, away from the fog of controversy."

originally posted by: Ultralight

I don't think you can file bankruptcy on the IRS.

In most cases not.

That's the suck-in irony.

People are stuck real good now for years making double payments back.

The Progressive Plan is working as intended.