You May Have To Pay Back The IRS!
Re-posted on 7/10/20
The IRS appeared before the House Ways and Means this week and stated people that miscalculated their incomes, or if the website (Nevada Health Link) miscalculated their Advanced Premium Tax Credit (APTC), whether intentional or not…would be responsible. Folks that enrolled into a health insurance plan and have a government subsidy, IF your subsidies have been miscalculated, you will be required to pay this money back if your subsidies are calculated higher than you were entitled.
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We gently warn our customers to be honest and careful when doing your health insurance plans through Nevada Health Link. If you intentionally or unintentionally miscalculate your income, there will be a settlement with the IRS when you do your taxes. This notice is not meant to scare you, but to educate and inform you.
This just solidifies our long held view that you need to be very careful and accurate when you apply for a subsidy from the Government to help you pay your premiums and that you accurately state your “MAGI” (modified adjusted gross income). If you don’t know your MAGI, ask your accountant, they are the best source you have to get this right. Then call us for assistance with your health insurance plan.
We also need to remind our clients that if you have a “Life Event”, meaning income adjustments of any kind, like adding or subtracting dependents to or from your taxes, you MUST let Nevada Health Link know. This will help you avoid discrepancies with the IRS when you do your taxes. The subsidies are directly tied to your tax returns, so if you have life events, you must make certain that these changes (income increases, income decreases, adding babies, children coming off your tax return, etc.,) gets reported.
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Why is it important to have a Health Insurance agent? They can help you with this…and so much more. The costs are the same (the insurance company pays for the agent), so why not have an educated, experienced and caring professional at your service…for no additional charge!