Why is the IRS fining millions of Americans? Because they didn’t buy bad insurance.
Here comes the bill for your “free” health care. Oh… but of course that’s only if you’re actually a hard-working person in the Middle Class—you know, the ones Mr. Obama said during his State of the Union that he was so concerned to help.
From CNN Money: “Millions to owe Obamacare tax penalty.”
Were you uninsured in 2014? It’s time to pay the piper!
Some 3 million to 6 million Americans will have to pay an Obamacare tax penalty for not having health insurance last year, Treasury officials said Wednesday. It’s the first time they have given estimates for how many people will be subject to a fine.
The penalty is $95, or 1% of income above a certain threshold (roughly $20,000 for a couple). So you could end up owing the IRS a lot of money.
Take a married couple with $100,000 in income – their bill comes to $797, according to the Tax Policy Center ACA penalty calculator.
If you like what you earn, you can keep what you earn… as long as the President thinks you’re paying your fair share.
Hint: He doesn’t. Suckers!
And it’s only going to get worse and worse from here forward—the bill goes up next year… and the next… and the next… and the next.
Finally, between 4.5 million and 7.5 million taxpayers received subsidies for insurance premiums when they signed up for coverage on Obamacare exchanges. They will have to use Form 8962 to reconcile their actual 2014 income with the amount they estimated when they applied for a policy in late 2013 or early 2014.
Those who underestimated their income either will receive smaller tax refunds or will owe the IRS money.
Treasury officials declined to forecast how many people may be in this situation. But H&R Block projects 3.4 million taxpayers will have to pay back part of their premiums.
And wait till you see how it impacts the quality of your care!