I think Allen brought this up before, but I see this as a big problem that is buried in each of our books (& prospects), and will show it's ugly head during OEP. This is stating that 40% of your ON exchange 2014 subsidized clients have not filed a 2014 tax return yet. There is no escaping that 40% number. Nothing like doing an app, to find out APTC is rejected. This may be next years version of "income verification debacle" we had this year.
Note to self,Add to list of questions: did you file a 2014 tax return?
Yahoo!
Consumers who got health care tax credits are required to file tax returns that properly account for them, even if they are unaccustomed to filing because their incomes are low. Unless they follow through, "they will not be able to receive tax credits to help lower the cost of their health insurance for 2016," Lodes explained.
Treasury officials said 1.8 million households are at risk of losing subsidies for next year, and that number breaks down as follows:
—About 710,000 households that have not filed a 2014 tax return, although they were legally required to account for health insurance tax credits that they received.
—Some 360,000 households that got tax credits and requested an extension to file their returns. They have until Oct. 15.
—About 760,000 households that got tax credits and filed their tax returns omitted a new form that is the key to accounting for the subsidies. Called Form 8962, it was new for this year's tax filing season.
"I think it was definitely confusing for people," said Elizabeth Colvin of Foundation Communities, an Austin, Texas, nonprofit that helps low-income people with health insurance and taxes. "It could have been worse, quite honestly. I think a lot of tax preparers didn't know how to do these (forms) either."
The 1.8 million households with tax issues represent 40 percent of 4.5 million households that had tax credits provided on their behalf and must account for them. The rest had their returns successfully processed by the IRS as of the end of May.
Note to self,Add to list of questions: did you file a 2014 tax return?
Yahoo!
Consumers who got health care tax credits are required to file tax returns that properly account for them, even if they are unaccustomed to filing because their incomes are low. Unless they follow through, "they will not be able to receive tax credits to help lower the cost of their health insurance for 2016," Lodes explained.
Treasury officials said 1.8 million households are at risk of losing subsidies for next year, and that number breaks down as follows:
—About 710,000 households that have not filed a 2014 tax return, although they were legally required to account for health insurance tax credits that they received.
—Some 360,000 households that got tax credits and requested an extension to file their returns. They have until Oct. 15.
—About 760,000 households that got tax credits and filed their tax returns omitted a new form that is the key to accounting for the subsidies. Called Form 8962, it was new for this year's tax filing season.
"I think it was definitely confusing for people," said Elizabeth Colvin of Foundation Communities, an Austin, Texas, nonprofit that helps low-income people with health insurance and taxes. "It could have been worse, quite honestly. I think a lot of tax preparers didn't know how to do these (forms) either."
The 1.8 million households with tax issues represent 40 percent of 4.5 million households that had tax credits provided on their behalf and must account for them. The rest had their returns successfully processed by the IRS as of the end of May.