Could You Lose Health Care if You Don’t File a Tax Return?

There’s been no shortage of confusion since the Affordable Healthcare Act became a law. Likewise, there has been no shortage of discontent with the bill, either. Obamacare, as it is widely known, continues to find ways to leave people in the dark not only about their healthcare, but also about their taxes. So what’s the latest issue surrounding Obamacare?

It turns out that some people, who would normally not be required to file a tax return, may actually need to file a return, after all; that is if they want to keep receiving their health care tax credit subsidies. That’s true, according to the new health care law, even if you would normally be exempt from filing a return.

The White House and the IRS are hopeful that the nearly 1.8 million U.S. households that received those tax credit subsidies to help pay their insurance premiums that haven’t yet filed will be asking for an extension very soon. While the monthly average tax credit was only about $270, with nearly nine million taxpayers taking advantage of those credits that is a lot of money to be giving up for next year. Add it all up and it totals about $28.4 billion.

The IRS is reportedly attempting to alert those who might still need to file a return. Therefore, if you receive a letter from the IRS regarding Obamacare make sure you give it a good reading. Of course, you should never throw any letter from the IRS away without reading it first. And if you get any kind of letter from the IRS that you’re not sure about, you can always contact our office at 1-877-CPA-2006.

Posted in
Michael Gibbons

The Servant Leader | Michael Gibbons

  About Michael Gibbons Michael Gibbons is the director of student support and an adjunct instructor of family and child development at Southern Virginia University. He has held that position since August of 2003 and also teaches courses in family and child development and in social and behavioral sciences. His BS degree is in developmental…

Matt Schultz

High Tech Leadership | Matt Schultz

  About Matt Schultz Matt Schultz serves as the current President of the Silicon Valley Chapter of the BYU Management Society (BYUMS). The BYUMS is a global organization that provides opportunities for local professionals to build their network and develop themselves professionally and personally. Matt, originally from Seattle, completed his schooling at BYU, earning an…

The Value of Investing | Elaina Serotte

  About Elaina Serotte Elaina began her career in 1999 at Morgan Stanley as a sales assistant in the Global High Yield Bond department in New York. In 2002, Elaina moved to MassMutual Financial Group in San Francisco as a Senior Financial Planner. She built her private client group from the ground up, serving over…

Greg Pickett; Real Estate for Startups

Real Estate for Startups | Greg Pickett

  About Greg Pickett Utilizing his background in real estate finance and his skills in the areas of communications and analysis, Greg Pickett represents the interests of corporate clients and their real estate needs. Greg specializes in representing tenants in the leasing and disposition of property on the Peninsula and Silicon Valley. Greg has represented…