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Tue Aug 4, 2015, 04:11 PM

File your taxes, or you won't get ACA healthcare subsidies next year

^^--I made up the wording on the thread title, but I think it accurately describes what this article is saying. This post/article applies to people who got ACA healthcare subsidies in 2014:

Tax filing problems could jeopardize health law aid for 1.8M, AP, 8/4/15
http://finance.yahoo.com/news/tax-filing-problems-could-jeopardize-183734604.html

...About 1.8 million households that got financial help for health insurance under President Barack Obama's law now have issues with their tax returns that could jeopardize their subsidies next year. Administration officials say those taxpayers will have to act quickly.

...Consumers who got health care tax credits are required to file tax returns that properly account for them, even if they are unaccustomed to filing because their incomes are low. {And as the article explains, your tax filing must include Form 8962 -Progree}. Unless they follow through, "they will not be able to receive tax credits to help lower the cost of their health insurance for 2016," Lodes explained.

...Judy Solomon of the Center on Budget and Policy Priorities: "They are getting an advance payment of a tax credit, and to finish the process they need to file a tax return. They have to look at it as a process that is a year long and has multiple steps."


Anyway the ones who are in jeopardy got subsidies in 2014 but haven't filed a tax return yet that includes the new Form 8962

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Reply File your taxes, or you won't get ACA healthcare subsidies next year (Original post)
progree Aug 2015 OP
hobbit709 Aug 2015 #1
progree Aug 2015 #2

Response to progree (Original post)

Tue Aug 4, 2015, 04:14 PM

1. don't have to worry about that one.

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Response to progree (Original post)

Tue Aug 4, 2015, 06:08 PM

2. I'm mostly concerned about people who haven't had to file in the past because of low income

and had a low income in 2014 so they didn't think they had to file. But got the ACA subsidies in 2014.

There's still time, but people need to take action soon," said Lori Lodes, communications director for the Centers for Medicare and Medicaid Services, which runs HealthCare.gov.


Although the article didn't say it, the subsidies one got in 2014 are in jeopardy too. Those subsidies were based on an estimate made at the end of 2013 (or early 2014) of what you expected to make in 2014. The IRS wants to see a 2014 tax return of your actual income.

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