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Corning Inc. Message Board

  • pauxboy56 pauxboy56 Feb 5, 2013 9:54 AM Flag

    I'm from the government and I'm here to help you? Love, Obama!

     

    The taxman is now playing doctor
    How today’s tax returns will impact tomorrow’s medical bills!

    When they file their returns this year, some Americans will get a medical bill with their tax bill.

    Starting next January, the Affordable Care Act mandates that every American have health coverage, and those who remain uninsured will pay a penalty. The extent to which one is eligible for federal subsidies to buy insurance, and the penalties for failing to comply with the mandate, will both be determined using one number: the adjusted income reported to the Internal Revenue Service this year. “So much of the Affordable Care Act is being implemented through the tax code,” says Kathy Pickering, executive director of the Tax Institute at H&R Block. And for many taxpayers, “their tax situation will factor into health-care decisions as well,” she says.

    The penalty, which was upheld as a tax by the Supreme Court in June, will vary per family based on their size and income. The fee starts at $95 per person next year, or 1% of household income above the minimum threshold for filing a tax return—whichever is greater. And the penalty is scheduled to increase each year to $695 per person in 2016, or 2.5% of income. (After that, the penalty will be adjusted each year for inflation.)

    For a single person earning $50,000, the charge would start at $400 next year, estimates H&R Block. And for a family of four with two children and a household income of $100,000, foregoing insurance would add another $800 to their tax bill -- a sum that would be deducted from any refunds. (The penalty is cut in half for children.) The government will provide subsidies, which would cap how much families spend on insurance premiums to a portion of their income. These subsidies will be available to those earning incomes of up to 400% the poverty rate, which works out to roughly $45,000 for an individual, and $92,000 for a family of four

    This topic is deleted.
 
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