Even More Obamacare Follies

#3,301
#3,301
Gramps said:
True and that tax or fine will be much higher when they pay their 2015 taxes if they are not covered.
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2014 the tax is actually 1% of adjusted gross income or $95 whichever is higher. If this is a family its the AGI for all family members combined including dependants.

Goes up substantially in 2015 and even higher in 2016.
 
#3,302
#3,302
IPleadInsanity said:
2014 the tax is actually 1% of adjusted gross income or $95 whichever is higher. If this is a family its the AGI for all family members combined including dependants.

Goes up substantially in 2015 and even higher in 2016.
Click to expand...

From a Factcheck.org article from 2012.

The minimum amount — per person — will be $695 once the tax is fully phased in. But it will be less to start. The minimum penalty per person will start at $95 in 2014, the first year that the law will require individuals to obtain coverage. And it will rise to $325 the following year.
Starting in 2017, the minimum tax per person will rise each year with inflation. And for children 18 and under, the minimum per-person tax is half of that for adults.
However, the minimum amount per family is capped at triple the per-person tax, no matter how many individuals are in the taxpayer’s household.
Click to expand...
 
#3,303
#3,303
Gramps said:
From a Factcheck.org article from 2012.
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2012 $695 or 2% AGI whichever is higher.

The people who lied about their income in order to get a subsidy will also be disappointed. The amount they received must be reconciled against their actual income reported on the return. If they lied about income they will have to repay, likewise if they reported low they will receive a refund.
 
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#3,305
#3,305
IPleadInsanity said:
2012 $695 or 2% AGI whichever is higher.

The people who lied about their income in order to get a subsidy will also be disappointed. The amount they received must be reconciled against their actual income reported on the return. If they lied about income they will have to repay, likewise if they reported low they will receive a refund.
Click to expand...

That is 2016 when the $695 per person goes in effect.

I don't understand why the subsidies are not based on the previous year income tax. People could lie about what they expect to make the following year or circumstances could change the amount drastically. That is another blunder in the ACA, imo.
 
#3,307
#3,307
Gramps said:
The couple that earn say 40k per year but work where insurance is not provided. Also benefits from the ACA. The subsidizes can help them afford insurance .

Now the negative. They are benefitting at the expense of others.
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sure but then they cant afford the bills because of the astromical deductible --- its all BS.
 
#3,308
#3,308
508mikey said:
exactly why I posted the article - he said has nothing to do with Barry and his crappy economy
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The article I was responding to was about the collection agencies hounding seniors. I said that had nothing to do with Obama nor the ACA. If you think collection agencies just started ing hounding people since Barry has been president you are not living in reality.

What does the ACA tax on those not being issued have to do with private collection companies bugging the shat out of people, young or old ?
 
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#3,309
#3,309
Gramps said:
The article I was responding to was about the collection agencies hounding seniors. I said that had nothing to do with Obama nor the ACA. If you think collection agencies just started ing hounding people since Barry has been president you are not living in reality.

What does the ACA tax on those not being issued have to do with private collection companies bugging the shat out of people, young or old ?
Click to expand...

read it wrong NM
 
#3,310
#3,310
508mikey said:
sure but then they cant afford the bills because of the astromical deductible --- its all BS.
Click to expand...

You need to go to the marketplace website and snoop around. There are 0 to thousands of dollars deductibles depending on the plan. There are some low out of pocket and some that is several thousand dollars. There are some very good plans available.
 
#3,311
#3,311
I can see you guys don't see exactly how it works. Here are some examples:

Facts:
Single individual, no dependents
No minimum essential coverage for any month
Does not qualify for an exemption
Household income = $40,000
Filing threshold = $10,150
Payment calculation:
Percentage of income:
$40,000 – 10,150 = $29,850,
1% x $29,850 = $298.50
compare to:
Flat dollar penalty: $95
2014 Individual responsibility payment (tax) = $298.50 (because $298.50 is > $95)
< if less than the national average for bronze level coverage

Facts:
Married w/two children under 18
No minimum essential coverage for any month
Does not qualify for an exemption
Household income = $70,000
Filing threshold = $20,300
Payment calculation:
Percentage of income:
$70,000 – 20,300 = $49,700,
1% x $49,700 = $497
Flat dollar: 285 = ((95 x 2) + ($95/2 x 2))
2014 Individual responsibility payment (tax) = $497 ($497 is > $285) and also < the national average for bronze level coverage

The income is defined as what is in excess of the filing threshold. If your income is so low you don't have a file a return, then no penalty (unless you took the subsidy). If you take the subsidy, you gotta file a return and the IRS can fine and lien on any amounts in excess.

This whole thing is a giant turd in an ever decreasing sized punch bowl...and this is just a small and simplified part of it in the first year implementation. The complexities seem endless and the employer mandate to follow.
 
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#3,312
#3,312
how does the IRS know if a person has insurance or not ? Is there going to be a place to write in policy numbers and companies ?
 
#3,313
#3,313
Ernest T. Vol said:
I can see you guys don't see exactly how it works. Here are some examples:

Facts:
Single individual, no dependents
No minimum essential coverage for any month
Does not qualify for an exemption
Household income = $40,000
Filing threshold = $10,150
Payment calculation:
Percentage of income:
$40,000 – 10,150 = $29,850,
1% x $29,850 = $298.50
compare to:
Flat dollar penalty: $95
2014 Individual responsibility payment (tax) = $298.50 (because $298.50 is > $95)
< if less than the national average for bronze level coverage

Facts:
Married w/two children under 18
No minimum essential coverage for any month
Does not qualify for an exemption
Household income = $70,000
Filing threshold = $20,300
Payment calculation:
Percentage of income:
$70,000 – 20,300 = $49,700,
1% x $49,700 = $497
Flat dollar: 285 = ((95 x 2) + ($95/2 x 2))
2014 Individual responsibility payment (tax) = $497 ($497 is > $285) and also < the national average for bronze level coverage

The income is defined as what is in excess of the filing threshold. If your income is so low you don't have a file a return, then no penalty (unless you took the subsidy). If you take the subsidy, you gotta file a return and the IRS can fine and lien on any amounts in excess.

This whole thing is a giant turd in an ever decreasing sized punch bowl...and this is just a small and simplified part of it in the first year implementation. The complexities seem endless and the employer mandate to follow.
Click to expand...

Good info. :hi:
 
#3,314
#3,314
508mikey said:
how does the IRS know if a person has insurance or not ? Is there going to be a place to write in policy numbers and companies ?
Click to expand...

When you file your 2014 return in 2015, there will be a box to check on page 2 of the 1040 that says you had "full year coverage". If you don't check that box, then you will have to go through new forms and procedures to calculate the tax.
 
#3,315
#3,315
Vol8188 said:
You pay taxes to fire and police departments you may never use also. what makes this so different?
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No.. those of us that own property pay those taxes. Just like we pay taxes to send octomom's kids to school. Pretty sure those living in section 8 do not.
 
#3,318
#3,318
Gramps said:
The couple that earn say 40k per year but work where insurance is not provided. Also benefits from the ACA. The subsidizes can help them afford insurance .

Now the negative. They are benefitting at the expense of others.
Click to expand...

And how is that just?
 
#3,319
#3,319
Vol8188 said:
And the people who rent pay the property taxes of the home owners. Everyone pays property taxes.
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That's not right. That is spin. You can justify it that way if you want, but that is not right. It's like saying my employer pays my mortgage and property taxes since he pays my wages.
 
#3,320
#3,320
SpaceCoastVol said:
That's not right. That is spin. You can justify it that way if you want, but that is not right. It's like saying my employer pays my mortgage and property taxes since he pays my wages.
Click to expand...

Except this is a far more direct comparision. Because if rental income didn't excede mortgage and tax expenses, no one would have a rental property.
And it's not spin at all, it's the truth.
 
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