The first guestimates from the government have been made that tell us how many people will have to pay a penalty for not having Obamacare-approved insurance plans during 2014.
At least 6 million Americans – between 2 and 4% of taxpayers – will owe the IRS either $95 or 1% of their income, whichever is greater. But another 10-20% – 20-30 million – will be exempt from the penalty under rules written by the IRS.
There were 7.5 million taxpayers who received a subsidy to pay for Obamacare premiums. H&R Black thinks that half of those taxpayers will owe the IRS money because the subsidy paid to them was figured incorrectly.
Wednesday’s estimates are the clearest picture so far from the administration ahead of ObamaCare’s first tax season. The percentages were provided by Mark Mazur, assistant secretary for tax policy at the Treasury Department.
Mazur and senior officials at the Centers for Medicare and Medicaid Services (CMS) emphasized that most people will not face ObamaCare-related hurdles when filing their returns.