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If I Underestimate My Income to Get a Subsidy, What Will Happen?

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5 comments

  • Avatar
    Hemiram8162

    Let's start by saying someone should do something about this. The low and middle income class families that had to get insurance and they miscalculated their annual income they are now having to pay the Internal Revenue Service back. And you know that those families were looking forward to that money. That's what happened to us. We miscalculated the annual income when resigning up for healthcare and now that tax time is here our tax preparer told us that because we supposedly got to much in subsidies we now habe to pay 1500 back the Internal Revenue Service . Who is looking out for the little people. A healthcare system that was suppose to help low and middle class families is actually hurting them in the long run. Can someone help please.

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    Deborah Cormany

    My tax return says I owe over $9000 due to the subsidy from the healthcare marketplace. I cannot pay this. What do I do??

  • Avatar
    Cody Michael

    Hi Deborah, 

    Your best option will be to talk to a tax professional. They will be able to walk you through all your options.

    If your income changes throughout the year, you should always report those changes to the marketplace if you receive a subsidy. 

     

  • Avatar
    Dennis Johnson

    Dennis Johnson

    I'm still in total shock. My tax return says I owe $19,500 - $17,400 of that is subsidy 100% payback because I withdrew money from 401 to pay off house and car to be able to retire on small pension of only 14 yrs. service. Took every penny to pay everything off. Told my wife, we can do it, it will be tight but we'll make it ok and than this.

    Is bankruptcy an option when you owe this kind of money, I cannot pay this.  

  • Avatar
    Ryan Kennelly

    Hi Dennis,

    I am sorry you are going through this. There may be ways to lower this amount or extend the amount of time to pay this amount (assuming it is accurate and not a mistake). I am not a tax professional but would suggest contacting one asap. Email me directly at [email protected] if you want the name of a good referral. 

    Sorry I could not be more helpful!

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