When 2015 rolls around your tax forms are going to get longer, more complex and more expensive to prepare.
“As expected, the forms are very detailed and can present significant complexity, depending on a filer’s coverage status during the year, income level, and household composition,” Cobb said. “Depending on their situation, there are instances where filers may need to file multiple new tax forms and complete additional worksheets.”
And then there are those pesky penalties for those who did not buy health insurance, or bought something that is not Kosher.
In addition, many taxpayers who received subsidies to purchase health insurance through Obamacare could be forced to repay the federal government if, due to a miscalculation of their income, they received larger subsidies then they were entitled to under the law.Might be time to have a talk with the person(s) that helped you calculate your subsidy amount.
Assuming their phone has not been disconnected.
Cobb said people who are used to filing the pared down 1040-EZ will no longer be able to do so if they received any subsidies.Still loving Obamacare?
Feeling like you have been pooped on yet?
Bigger premiums, bigger tax bills, Obamacare.