Thursday, August 27, 2015

File Taxes by Sept.1 or Lose Monthly Tax Credit

"Affordable" Care Act?
No longer.  For people who filed an extension on their 2014 taxes, you may have been under the impression that you have until October 15th to file.  Turns out that deadline being cut down by about a month for those of you receiving a monthly health insurance tax credit.

The IRS has been sending out letters in August 2015 to those people that have filed an extension, stating that they have 30 days from the date of the letter to file, or else they may LOSE their future tax credits and may have to PAY BACK the tax credits already received!

What does this mean for the average person with an individual health insurance plan?

It means that your health insurance premiums are likely to go up by tens to hundreds of dollars per month! ....UNLESS you file within 30 days of receiving the letter.  Bummer...

So if you haven't already, file those pesky taxes ASAP!  The IRS recommends filing electronically to expedite the process.