Obamacare Takes A Bite Out Of Tax Refunds

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I cant wait for all the Obama supporters to get bit, and when they start complaining I’ll have no pity for their struggles. 

They were all warned, now its time to reap those consequences. 

NY Post: More than half of those who signed up for ObamaCare in 2014 underestimated their income — and now have to pay back an average of $530 in subsidies when they file their taxes, according to H&R Block.

The tax-filing company said 52 percent of the people who enrolled in the national health-care program and used its preparers to do their taxes owed money, reducing those individuals’ average refund from $3,100 to $2,750.

“It’s costing taxpayers a large percentage of their refund — a refund many of them count on to pay household expenses,” said H&R Block Vice President of Health Care Mark Ciaramitaro.

Health-care subsidies are available on a sliding scale up to incomes of $95,400 for a family of four, $62,930 for a family of two and $46,680 for singles.

But as people’s incomes change, so does the amount how much the feds kick in to cover their medical insurance.

Many of those who qualified for subsidies and who earned overtime — or who worked freelance gigs, or changed jobs in 2014 — didn’t find out until tax time that their subsidies were reduced or eliminated as their income had increased.

On the flip side, about a third of enrollees overestimated their earnings and will get an average $365 more of a tax refund than they anticipated.

The penalty for not having coverage was set at $95 or 1 percent of an individual’s income for 2014.

H&R Block says the uninsured are forking over an average of $172.

—Courtesy of NY Post

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