H&R Block: ‘No One Can Understand’ New Obamacare Tax Code

[GoneGaltParticipant 361]

No s~~~! Gee, I’m so shocked! I personally don’t have a compliant policy but one which is legal anyway and since I never get a federal tax refund they cannot legally collect the penalty they are going to impose. Naturally H&R Block may be trying to drum up business with this article, hell, for all I know they backed Obamacare because they knew they’d make more money helping people with their tax returns. I refused to even go on my state’s exchange to qualify for subsidies and am wondering what will happen if the Supreme Court rules in the summer that state-run exchanges cannot offer subsidies as the IRS is allowing now – will people have to give the money back or will those low-income earners now be unable to afford their policies and if so will they be forced into Medicaid? What a cesspool this is …

http://dailycaller.com/2015/01/19/hr-block-no-one-can-understand-new-obamacare-tax-code/

Lol – Julia raises her head again in one of the examples, except when I last heard about Julia she was single and in desperate need of all the help the government could provide her from cradle to grave: but here Julia’s married to Eduardo, the poor bastard (page 8) ….

http://www.irs.gov/pub/irs-pdf/p5187.pdf

Illustrating H&R Block’s point is IRS Publication 5187, which attempts to explain to taxpayers how to comply with the new Obamacare tax requirements. That publication runs for a total of 21 single-spaced pages.

This year, for the first time, taxpayers will feel the full weight of the Obamacare tax rules, which were enacted in 2010. The new tax code regulations will apply to all Americans who file 2014 tax returns.

Some Obamacare users may discover that they need to repay the government for the subsidies they received to cover their health insurance premiums. A few will discover they were not entitled to insurance at all.

Other taxpayers also will find their refunds are smaller, due to penalties incurred because they didn’t enroll in a government-approved health plan.

A large percentage of Obamacare enrollees are low-income earners who opted for the program because they qualified for government subsidies that would lower their monthly insurance payments.

 

[GoneGaltParticipant 361]

Ah yes, let’s not forget that this government intrusion also incentivizes people to divorce, not that that is such a bad thing 😉

http://www.thefiscaltimes.com/Articles/2013/10/02/Why-Divorce-Attorneys-Will-Love-Obamacare

“A typical 40-year old couple with two kids could save $7,230 a year by divorcing if one partner earns, say, $70,000 and the other $23,000. Sixty year-olds earning $62,041 each a year would save $11,028 annually if they broke up.”

http://www.washingtonexaminer.com/financial-advisor-obamacare-encourages-divorce-other-scams-to-bilk-the-system/article/2548632

“With a little tax planning — or even divorce — wealthy Americans can easily bilk Obamacare out of tens of thousands of dollars in taxpayer subsidies to cover their insurance costs, according to a “how-to” written by a well-known financial advisor. In a post on his firm’s website titled “How To Bilk Obamacare,” Marotta and co-writer Megan Russell said that by reducing a family’s modified adjusted gross income, it is easy qualify for subsidies available to Americans making up to 400 percent of the poverty level, about $94,200.”

[rainydaykidParticipant 42]

Yeah, not sure how I feel about Obamacare. Grew up poor as hell, so know that it sucks to be without medical care. Have VA care now, so not really a vested interest in it, other than friends and family. Good that insurance companies can’t deny people for pre existing stuff anymore. I don’t think there is an easy solution to the healthcare problem. I don’t feel healthcare should be a luxury, seen my parents in debilitating pain that they couldn’t afford to treat and knew people that had to choose between paying the electric bill and buying medicine. You don’t really have freedom if you are too sick to enjoy life.

Just never understood why the rich deserve better care and treatment, just because they have money.

Kinda went off on a tangent there, not enough sleep last night. I think healthcare should be affordable for all, and there is no reason it should cost so much.

[GiggityParticipant 20]

Rainydaykid, you spoke with the truth!  The rich live far better lives than poor people.  It isn’t just health care, but better food and living conditions.  They enjoy better vacations, worry less about money and the future, have less dangerous jobs, safer cars, better lawyers in case they do make a mistake….   When society collapses, I say that we eat the rich first!

[Cipher HighwindParticipant 1144]

I know of a way to avoid the headache entirely – do not pay income tax.

As for myself, the apparatchiki have not so much as made a peep about any filing or lack thereof.  F~~~ them all.

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