Surprise! 3.4 Million Obamacare Subscribers Will Have To Pay Back Federal Subsidy

Hope they read the fine print!

Tax preparation firm H&R Block is estimating that roughly half of the nearly 7 million people who received a subsidy when signing up for Obamacare will have to pay it back.

This will come as a surprise for those who skipped the fine print and simply believed the Affordable Care Act was affordable government health care.

The Wall Street Journal reported that the subsidy inaccuracies will create even more confusion at tax time and result in disappointment to taxpayers.

Because the subsidies are based on past tax returns, many people received too much money when they signed up. The Journal report states that on average, enrollees received a subsidy that was $208 too high and that will have to be paid back. Firms like H&R Block are gearing up for those customers who will undoubtedly be angered when realizing they aren't getting as much back or worse, find out they owe money.

Add to this the penalties to be leveled at various percentages of taxable income, or set fees (whichever is greater, of course), for not having insurance, and tax season is bound to be even more fun!

One tweet, from actor Adam Baldwin, brilliantly sums up this story: they've been "#Grubered!"




H/T Washington Examiner