AGAIN, Conservatives are RIGHT H&R Block analysis: Most ObamaCare customers paying back portion of subsidies

Conservatives told you so!  Folks claimed higher amounts of tax payer money than they were entitled to and now it is PAY BACK TIME.  Oops!

H&R Block analysis: Most ObamaCare customers paying back portion of subsidies

ObamaCare customers who received health insurance subsidies last year are getting an unpleasant surprise this tax season -- with many finding they have to repay hundreds of dollars.

An analysis by tax-preparer H&R Block found that to date, 52 percent of those who enrolled in Affordable Care Act coverage are paying back part of their premium tax credits.

On average, they're paying back $530, reducing the average refund by 17 percent.

"The level of payback of the Advance Premium Tax Credit is significant in that it's costing taxpayers a large percentage of their refund -- a refund many of them count on to pay household expenses," Mark Ciaramitaro, vice president of H&R Block health care and tax services, said in a statement.

According to the analysis, the reason so many taxpayers owe the federal government ObamaCare money is because they underestimated their 2014 incomes (by relying on old incomes). The higher incomes mean they're entitled to a smaller subsidy amount, and they now have to pay back the difference.  

The high payback levels mark the latest hang-up for ACA customers this tax season. On Friday, the Obama administration admitted it sent erroneous tax forms to 800,000 people, and urged the recipients to hold off on filing their returns until corrected versions were sent out. (Those who already filed were given a reprieve.)

http://www.foxnews.com/politics/2015/02/25/obamacare-customers-that-may-be-required-to-pay-back-some-their-tax-refund/

Let's take a look at H&R Block:

http://www.consumeraffairs.com/finance/hr_block_errors.html?page=2

Of course there will be people who have to pay back part of their tax credit, you had to estimate what you're magi was going to be. Most people who are paying back knew that too and were told if they knew they were going to make more during the year to call the marketplace and report it so the tax credit could be adjusted during the year. This has always been set up to be reconciled when you do your taxes. Also some H & R Block reported will not have to pay it back. Oh and anyone who knew they had to make at least $11700 to qualify and made less and lied, well guess what? They don't have to pay a dime back. I'll let you scour the net for that IRS directive, but here is one for you.

http://thehill.com/policy/healthcare/233715-irs-will-let-people-keep-extra-money-in-obamacare-tax-error

here you go, didn't take long to find:

http://www.irs.gov/pub/irs-prior/i8962--2014.pdf

So where does this put us? Is this the 546,123,873,213,954,234th thread on this exact same subject?

When your political base has no reading comprehension, every thread is new!

H&R Block is the last place I would go for help in filing a tax return.

boards of FL wrote:So where does this put us?  Is this the 546,123,873,213,954,234th thread on this exact same subject?

When your political base has no reading comprehension, every thread is new!

You do wish you could forget that it is all the supporters of ObamaCare who are called STUPID by the architect of ObamaCare and the rest of the administration.

Comprehension? That has no meaning as no one has read the entire 2,000 plus pages much less the thousands of pages of regulations.

Markle wrote:

boards of FL wrote:So where does this put us?  Is this the 546,123,873,213,954,234th thread on this exact same subject?

When your political base has no reading comprehension, every thread is new!

You do wish you could forget that it is all the supporters of ObamaCare who are called STUPID by the architect of ObamaCare and the rest of the administration.

Comprehension?  That has no meaning as no one has read the entire 2,000 plus pages much less the thousands of pages of regulations.

Look, nitwit, Gruber was only a minor player...NOT the "architect" of the bill. I have already shown you that he publicly stated he regretted his remarks. Anyone can read the entire bill online.