two forms of subsidies offered by the government are premium assistance tax credits to lower individual and family premiums and aid cost sharing, which limits the maximum an individual cost out-pocket.
Like millions of consumers benefit from these grants in hopes of saving money, they might actually get hit by surprise tax bills if they incorrectly cast their income. Typically, the income, the higher subsidy, you should receive less.
This is fine, but there is no definitive way to you or the government to know how much money you will actually be bring to next year. The government must rely on the tax return in 2012 you filed this spring. Say you are awarded a grant in 2014 and your total income rises because of an increase or other factors. You could end up with a larger grant than originally planned.
What many do not realize is that you have to repay part of the money when you file a tax return in the spring of 2015, causing the surprise tax bills or small reimbursements. This monitoring highlights a bigger problem among Americans, which many of us fully understand the new law on health care.
health insurers, advocates of health law and tax experts expect public awareness campaigns to familiarize consumers with the Health Care Act and its implications. Without this education, millions of middle income taxpayers could get stung with penalties and end up owing money.
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