Obamacare Might Kill Your Tax Refund

Americans who underestimated their income for 2014 when they applied for health insurance might see their tax refund reduced or eliminated completely, the Washington Examiner reports.

The Obama administration is warning taxpayers that they need to provide updates about changes in income, but the message doesn’t seem to be getting through.

“As time goes on, the ability to make adjustments diminishes,” Mark Ciaramitaro, H&R Block’s vice president of health care services told the Examiner. “Clients count on that refund as their biggest financial transaction of the year. When that refund goes down, it really has reverberations.”

Taxpayers who make use of tax credits to help pay health insurance premiums are at serious risk, since if income increases unexpectedly during the year, the tax credit could not only dry up completely, but instead reverse, leaving taxpayers with an additional bill.

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