Potentially Millions Face Jarring Surprise During Tax Season

Potentially Millions Face Jarring Surprise During Tax Season

A recent article in the Tennessean unveiled yet another example of an American taxpayer who could be victimized by the raging storm of tax hysteria courtesy of Obamacare. Unable to accurately predict a fluctuating market, Larry Lyons, a real estate agent, will most likely have to pay back some of the healthcare subsidies he received this year because he, unfortunately, underestimated his annual income. The Tennessean explains, “If the estimate he gave when he applied for coverage turns out to be low, Lyons could be in for an unpleasant surprise in April — and so could many others, according to George Brandes, vice president of health care programs at Jackson Hewitt Tax Service.”

The Tennessean continues, “The Affordable Care Act’s subsidies for buying health coverage on the federal exchange are actually tax credits given in advance, with the final accounting due by April 15 when people file their returns. Many taxpayers will end up having to repay part or potentially all of their subsidies. Conversely, others may qualify for bigger refunds. It all depends on how well they estimated their 2014 incomes.”

Apparently, the climate of next year’s tax season very much depends upon the ability of millions of Americans to accurately forecast their incomes. Let’s hope that the visions of the masses lead to mild conditions rather than, as many expect, to turbulent storms.

 

Click here to read the full Tennessean article. 

No comments yet.

Leave a Reply