The heck you say
(Raleigh N&O) The new federal health care law means legions of uninsured and newly insured people face a daunting task in filing their tax returns for this year.
The imminent tax law changes are likely to bewilder the people for whom the Affordable Care Act was designed: low-income people who needed help to figure out how to buy federally subsidized health insurance.
H&R Block is predicting on its website that more than a third of people who received health insurance subsidies were overpaid and now will owe “pretty hefty repayment liabilities.†Others could end up paying hundreds of dollars in penalties for failing to buy health insurance.
The new law contains the most sweeping changes in the federal tax code in the past two decades and will affect between 25 million and 30 million people nationwide, said Mark Ciaramitaro, vice president of tax and health care services at H&R Block.
“It is going to be daunting,†Ciaramitaro said. “If you try to read the instructions, you will be mystified.â€
