Tax refunds may get hit due to health law credits

By: AP
By: AP

WASHINGTON (AP) — Nobody wants to start thinking about taxes around Labor Day.

But it's not too early if you count on your tax refund every year and you're getting a tax credit to pay health insurance premiums under the new health law.

Here's why: If your income for 2014 is going to be higher than you estimated when you applied for insurance, complex connections between the health law and taxes can reduce or even eliminate your tax refund next year.

Maybe you're collecting more commissions in an improving economy. Or your spouse got a better job. That information must be reported promptly.

Tax preparation companies such as H&R Block and Jackson Hewitt say most consumers are unaware of the potential refund risk.

Nearly 7 million households are getting health care tax credits.


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 272473191 - local8now.com/a?a=272473191