Today TaxMama® hears from SwampWiz in the TaxQuips Forum, who is frustrated (can you blame him? Please read his detailed rant. Following is simply a summary.) “I had read an official IRS notice that stated that if the individual’s income were to be “higher” than the one that had been proposed for the subsidy, the individual would face a tax liability for that difference.
Unfortunately, I cannot seem to locate that document online!
You’ve come to the right place.
Note that there is a limit on the repayment if they have received excess credits. They may end up repaying less than the full amount of the subsidy.
Try to figure all this out. It’s absurd that the legislators made it all this complicated.
And remember, you can find answers to all kinds of questions about the Health Care Act and other tax and business issues, free. Where? Where else? At www.TaxMama.com.[Note: If you were subscribed to the e-mailed version of TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link – it’s free!]
Please post all Comments and Replies in the new TaxQuips Forum .