When It Comes To The Health Law And Taxes, Millions May Face Penalties
The Obama administration estimates that about 29 percent of taxpayers will have to take the health law into account as they file their 2014 taxes. Between 3 million and 6 million households may incur penalties because they didn't get health insurance last year, but as many as one in five may claim an individual mandate exemption.
The Wall Street Journal:
Up To Six Million Households Facing Penalty For Skipping Health Insurance
About 150 million taxpayers are expected to file returns during the coming tax season, said Mark Mazur, assistant secretary for tax policy at the Treasury Department. The tax-filing process this year is expected to be trickier because Americans will, in some cases, have to pay a penalty or get smaller refunds because credits they received to offset insurance premiums were too large. Up to 20% of tax filers—or about 30 million—who weren’t insured for most or any of last year likely will request and receive an exemption from the penalty, officials said. Many exemptions can be applied for during the tax-filing process. (Armour, 1/28)
U.S. Government Says Obamacare Could Affect Up To 29 Percent Of Taxpayers
The Obama administration estimates that up to 29 percent of U.S. taxpayers could have to take the law known as Obamacare into account as they complete their 2014 income tax returns, officials said on Wednesday. (1/28)
Millions May Face Tax Penalties Under Health Law Provisions
An estimated 3 million to 6 million households that file 2014 income tax returns might incur penalties this tax season for failing to secure health insurance last year under the Affordable Care Act. Senior officials at the Treasury and Health and Human Services departments wouldn’t confirm the estimates during a telephone briefing Wednesday. They did, however, say that 2 percent to 4 percent of an estimated 150 million taxpayers are likely to be penalized. (Pugh, 1/28)
Feds To Taxpayers: Did You Get Health Insurance?
Two to 4 percent of taxpayers will end up paying a fine because they didn't have health insurance last year, federal health officials predicted Wednesday. This is the first year that Americans will have to worry about health insurance at tax time. The 2010 Affordable Care Act requires that just about everyone have health insurance or else pay a fee in the form of some extra income tax. (Fox, 1/28)
Up To 20 Percent May Get ACA Mandate Exemption
Up to one in five tax filers may claim an individual mandate exemption, and between two and four percent of taxpayers are likely to pay fines for not having insurance under Obamacare, a top Treasury official said Wednesday. (Dixon, 1/28)