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Tax Return Troubles Put Subsidies at Risk for 1.8 Million Households
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Households that received financial help for health insurance under the Affordable Care Act are now having tax return issues, which could jeopardize their eligibility for subsidies next year.
Households that received financial help for health insurance under the Affordable Care Act are now having tax return issues. If the 1.8 million households at risk don't act quickly, their tax troubles could jeopardize their subsidies for next year, according to a report from the New York Times
Consumers receiving healthcare tax credits must file tax returns that account for the money from the government, even if their incomes are low enough that they typically don't file. Approximately 710,000 households at risk have not filed a 2014 tax return, about 360,000 households received tax credits and requested an extension to file their returns, and another 760,000 households that received tax credits filed tax returns but omitted a new form that accounts for the subsidies.
These households represent 40% of those that had tax credits. The other 60% successfully had their returns processed by the end of May.
Read more at the New York Times: http://nyti.ms/1IZT2V5
