[Rushtalk] Half of ObamaCare subsidy recipients will owe on their taxes

Carl Spitzer lynux at keepandbeararms.com
Sun Apr 26 21:59:49 MDT 2015


Half of ObamaCare subsidy recipients will owe on their taxes

By Sarah Ferris -









Getty 
          


Half of all households that received ObamaCare tax credits last year
will likely owe money to the federal government, a new study found.

Nearly all families that received tax credits will either owe money or
receive extra money because their tax filings had changed after they
calculated their ObamaCare subsidies, according to a new report by the
Kaiser Family Foundation.

Only 4 percent of households received the correct subsidy, according to
the report, which uses data from the national Survey of Income and
Program Participation.

Of those who will have to repay, the average amount owed is $794, the
study found. Out of the 45 percent of people receiving money back, the
average refund is $773.

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Any owed or refunded dollars related to ObamaCare are just one piece of
a person's overall tax filings. 

“The average refund is over $2,900, which would offset any repayment in
most cases," a Treasury spokesperson said. "That is why Treasury
estimates that the vast majority of marketplace consumers who benefitted
from tax credits will still receive a tax refund.”

Some households will be paying back the majority of their tax credit.
Middle-income households — with income from 300 to 400 percent of the
poverty level — will repay about 65 percent of their tax credit.

Between 4.5 million and 7.5 million households received tax credits in
2014. This year’s tax season marks the first time that people will have
to account for their ObamaCare subsidies or pay penalties for lacking
coverage.

In ObamaCare’s first year, people buying insurance received subsidies in
advance based on their tax returns from 2012, which was the most recent
year available.

People with the middle-level incomes were more likely to owe money — and
to owe more.

There are some limits for how much money an individual or family would
have to repay if their tax credits were too large. For example, families
making less than 300 percent of the poverty level will not pay back more
than $1,500. Anyone with an income greater than 400 percent of the
poverty level has no cap on repayment.

http://thehill.com/policy/healthcare/236757-half-of-people-with-obamacare-subsidies-will-owe-money

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