Filer Beware: Health Law Tax Issues Trip Up Many
Insurance subsidy paybacks and special reporting requirements are confusing many consumers as tax day dawns. Elsewhere, a tax on high-value health coverage could be more than anticipated.
The Wall Street Journal:
Health Care Law Trips Up Some At Tax Time
The tax filing season has uncovered lingering wrinkles in the 2010 health-care law that have caused headaches for consumers who incorrectly estimated their income, didn’t use a government exchange to buy an insurance plan or changed coverage during the year. Marta Chapman saw her anticipated $850 federal refund wiped out because she received too much in advance tax credits in 2014 to pay her insurance premiums under the Affordable Care Act. That prompted her to drop her plan for this year. (Radnofsky, 4/14)
USA Today:
Many Unaware Of Required Tax-Time Insurance Reporting
The special health insurance enrollment period set up for people surprised by their tax penalties hasn't appeared to increase either awareness or enrollment by much, new research shows. People who live in the 34 states that use HealthCare.gov and didn't know about the requirement to have health insurance can sign up through April 30 for 2015 coverage. (O'Donnell, 4/15)
Politico Pro:
Experts Warn Cadillac Tax Higher Than Sticker Price
How much is the so-called Cadillac tax anyway? The looming Obamacare tax on pricey health care benefits, at least at first glance, is 40 percent. But some experts say the true rate is much higher, more like 61 percent, because of some little-noticed quirks in how the tax works. (Faler, 4/14)
