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Posted by on in Taxes

I was recently reviewing the ACA information, since we all have to deal with this for the upcoming tax filing.  I came across some information that affects those people who are receiving advance payments to help pay for their medical insurance.  I noticed something that could affect them that they might not be aware of and should be.

If you have a change in income either increase or decrease or a change in the family size and do not report that change to the marketplace, where they purchased their insurance from, at the time it happens during 2014 it could affect the amount of credit they should be receiving for the year.  In that case when their return is filed in 2015 for the tax year 2014, they could have too little or too much credit and that could cause a change to the refund received.  Or maybe worse, they end up with a balance due and no one wants that.  So be sure to report any changes to the marketplace so the advance payments are correct and you can avoid this kind of issue next year.

 

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Debra Roubik
Economist, Principal
Veritas Business Advisors
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