Tardy Taxpayers at Risk of Losing Healthcare Subsidies

Photo Credit: Flickr/TaxCredits.net
Photo Credit: Flickr/TaxCredits.net

Tardy tax filers have even more to fear this year than being red-flagged for an IRS audit. If you’re among the 1.8 million tax filers that received healthcare subsidies last year and have yet to file your 2014 taxes, you could be at risk of losing those subsidies according to nbcnews.com. At least you aren’t alone.

The most recent filing date of August 31 is now behind us and the healthcare sign up period is beginning soon. Action is imperative.

According to nbcnews.com, “Because of coordination issues between the IRS and marketplaces like HealthCare.gov, consumers who keep procrastinating into the fall are taking chances with their financial aid, according to insurers and the tax agency. That means, for example, that someone who’s been paying a monthly premium of $90 could suddenly get hit with a bill for $360.” 

That kind of an increase in monthly premiums could be devastating to those individuals and families accustomed to getting financial aid. You will know if you are in this group of tardy taxpayers because the IRS would have let you know. As the nbcnews.com article stated, “Hoping to stave off problems that could get amplified in an election year, the IRS started notifying tardy filers in mid-July. The form letters spell out in bold type that filing an electronic tax return within 30 days “will greatly reduce the risk of an interruption” in health care subsidies.”

Losing healthcare benefits and subsidies could be more devastating than an audit. Take action immediately to get those taxes filed and keep your healthcare and financial aid intact.