AP: Don't be caught short by health care tax surprise

[Omaha Steve]

http://www.omaha.com/article/20140202/LIVEWELL26/140209946#don-t-be-caught-short-by-health-care-tax-surprise

February 2, 2014

WASHINGTON (AP) — It's time to consider the tax implications of health care reform.

Did you buy health insurance in one of the marketplaces? You might be eligible for a refundable tax credit. Taxpayers had the option of estimating their 2014 income to see if they qualified for the credit and then having it applied in advance to the cost of the premiums.

“We have an opportunity in the 2014 filing season to educate taxpayers about what they need to do during the year to avoid problems during the 2015 filing season,” said Nina Olson, the national taxpayer advocate before the Internal Revenue Service and Congress.

Her advice to those taxpayers: Keep the marketplaces advised if there are changes in your circumstances that could affect the subsidy.

FULL story at link.

[hlthe2b]

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