"H&R Block is estimating that as many as half of the 6.8 million people who received insurance premium subsidies under the Affordable Care Act benefited from subsidies that were too large...
“...many taxpayers may well be very disappointed by getting less money and possibly even owing money,"...
While the Affordable Care Act fines those who don't have health insurance, it also provides subsidies for people making up to four times the federal poverty line ($46,680).
But the subsidies are based on past tax returns, so many people may be receiving too much, according to Vanderbilt University assistant professor John Graves, who projects the average subsidy is $208 too high, the Journal reports.
Tax preparers, ...have been working feverishly to avoid customer anger stemming from lower-than-expected refunds due to insurance premiums.
They also are trying to make sure customers understand the potential fines for not having insurance.
"Eighty-five percent of our customers get a refund,"
..."That refund could be offset by the penalty. And if that happens, they're going to be understandably angry."
The fine for not having insurance in the second year of Obamacare is $325 or 2 percent of taxable income, whichever is greater.
“As always, taxpayers are responsible for the accuracy of the information on the tax returns that they sign," an IRS spokesman told the Journal."