"Some Folks Were Overpaid..." Over 3 Million Obamacare Subsidy Recipients Will Owe IRS

While the Affordable Care Act fines those who don't have health insurance, it also provides subsidies for people making up to four times the federal poverty line ($46,680)... but, as The Washington Examiner reports, the subsidies are based on past tax returns, so many people may be receiving too much. In fact, as H&R Block calculates, as many as 3.4 million people who received Obamacare subsidies may owe money to the federal government.

As The Washington Examiner reports,

As many as 3.4 million people who received Obamacare subsidies may owe refunds to the federal government, according to an estimate by a tax preparation firm.

H&R Block is estimating that as many as half of the 6.8 million people who received insurance premium subsidies under the Affordable Care Act benefited from subsidies that were too large, the Wall Street Journal reported Thursday.

“The ACA is going to result in more confusion for existing clients, and many taxpayers may well be very disappointed by getting less money and possibly even owing money," the president of a tax preparation and education school told the Journal.

While the Affordable Care Act fines those who don't have health insurance, it also provides subsidies for people making up to four times the federal poverty line ($46,680).

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