Families under Affordable Care Act may see cut in tax return

FORT MYERS, Fla.- Families who registered for health insurance under the Affordable Care Act may owe the government money. A benefit of purchasing health insurance in the marketplace was to receive money-saving tax credits up front to help pay for the cost of health insurance. However, now hundreds of thousands of families could owe money.

An article by the Detroit Free Press cited some married couples could owe the government anywhere from $600 to $2,500. The article also stated the Centers for Medicare and Medicaid Services said at least 279,000 households reported incomes that still don’t match what the government has on record. Supporting documents are needed by Sept. 30.

When you file your 2014 tax return next year, the Internal Revenue Service will compare your actual annual income with the amount you estimated when applying for the health insurance. If your actual income is more than you estimated, you may owe money in next year’s tax return.

WINK News talked to local tax experts at Stroemer and Company LLC, who said you need to make sure you report any changes to your income. Those could include an increase/decrease in pay, a change in marital status, the birth/adoption of a child and moving. For more details on how to report changes click here.

For the full article click here.

Author: Lindsey Sablan
SHARE