{"id":1570,"date":"2013-04-04T13:41:39","date_gmt":"2013-04-04T13:41:39","guid":{"rendered":"http:\/\/megalextoria.wordpress.com\/?p=1570"},"modified":"2013-04-04T13:41:39","modified_gmt":"2013-04-04T13:41:39","slug":"millions-could-get-surprise-tax-bills-under-obamacare-if-they-dont-accurately-project-their-income","status":"publish","type":"post","link":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/2013\/04\/04\/millions-could-get-surprise-tax-bills-under-obamacare-if-they-dont-accurately-project-their-income\/","title":{"rendered":"Millions Could Get Surprise Tax Bills Under \u2018Obamacare\u2019 If They Don\u2019t Accurately Project Their Income"},"content":{"rendered":"<p>Millions of people who take advantage of government subsidies to help buy health insurance next year could get stung by surprise tax bills if they don\u2019t accurately project their income.<\/p>\n<p>President Barack Obama\u2019s new health care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they don\u2019t already get coverage through their employers. The subsidies are based on income. The lower your income, the bigger the subsidy.<\/p>\n<p>But the government doesn\u2019t know how much money you\u2019re going to make next year. And when you apply for the subsidy, this fall, it won\u2019t even know how much you\u2019re making this year. So, unless you tell the government otherwise, it will rely on the best information it has: your 2012 tax return, filed this spring.<\/p>\n<p>What happens if you or your spouse gets a raise and your family income goes up in 2014? You could end up with a bigger subsidy than you are entitled to. If that happens, the law says you have to pay back at least part of the money when you file your tax return in the spring of 2015.<\/p>\n<p>That could result in smaller tax refunds or surprise tax bills for millions of middle-income families.<\/p>\n<p>Full article: <a href=\"http:\/\/washington.cbslocal.com\/2013\/04\/02\/millions-could-get-surprise-tax-bills-under-obamacare-if-they-dont-accurately-project-their-income\/\">http:\/\/washington.cb \u2026 roject-their-income\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millions of people who take advantage of government subsidies to help buy health insurance next year could get stung by surprise tax bills if they don\u2019t accurately project their income. President Barack Obama\u2019s new health care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they don\u2019t already get coverage through their employers. The subsidies are based on income. The lower your income, the bigger the subsidy. But the government doesn\u2019t know how much money you\u2019re going to make next year. And when you apply for the subsidy, this fall, it won\u2019t even know how much you\u2019re making this year. So, unless you tell the government otherwise, it will rely on the best information it has: your 2012 tax return, filed this spring. What happens if you or your spouse gets a raise and your family income goes up in 2014? You could end up with a bigger subsidy than you are entitled to. If that happens, the law says you have to pay back at least part of the money when you file your tax return in the spring of 2015. That could result in smaller tax refunds or surprise tax bills for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[1252,1701],"class_list":["post-1570","post","type-post","status-publish","format-standard","hentry","category-news-and-politics","tag-obamacare","tag-taxes"],"_links":{"self":[{"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/1570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=1570"}],"version-history":[{"count":0,"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/1570\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=1570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=1570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=1570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}