Are you and your family set to receive a massive tax bill this year? If you are in the Obamacare healthcare exchange, it’s a possibility. And we’re not talking small change here…this could be thousands and thousands of dollars in “clawbacks”, or money that you’ve been given as a healthcare subsidy but must pay back in taxes.
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Anyone who receives Obamacare subsidies could be in for a rude awakening this tax season.
Four in ten low-income Obamacare participants will face sticker shock this April 15 when they discover they owe a great deal of money to the IRS because of a little-known “clawback” provision in the health-care law.
A family of four could owe the government as much as $11,200, according to a 2013 prediction by researchers at the University of California, Berkeley.
The idea that struggling, low-income Obamacare enrollees would have to repay the government for subsidies has been a dirty little secret that has always been part of the Affordable Care Act.
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