Daily Archives:July 17, 2015

Taxpayers Overpay ACA Penalty by $35 million

17 Jul , 2015,
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Tax season 2015 had a new item for tax preparers to check off- does the taxpayer have health insurance?  With the new ACA laws, taxpayers faced a penalty for remaining uninsured.  However, 6.6 million people paid the penalty, which was 10% higher than the IRS anticipated.  That increase includes a portion of tax payers who didn’t need to pay the penalty, either because their income was low enough to exempt them from it or simply because they paid it in error.  The estimated total number of tax payers who unnecessarily paid the penalty is 300,000 individuals, and with the average penalty coming in at $190, they overpaid an estimated $35 million.

Without a professional and trusted tax preparer, taxpayers run the risk of not only losing out on deductions that they qualify for, but they also could pay penalties and taxes that they do not owe.  If you think you unnecessarily paid the ACA penalty, give Wentworth and Associates a call at (570) 430-8082 and we can review your tax return. Our mission is to make sure your taxes are done correctly and timely, so you can keep the money that belongs to you.

To read the entire article at Bloomberg.com, click here.