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Receiving a subsidy through healthcare.gov or Covered California?

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If you are receiving a subsidy through Covered California or healthcare.gov, NOW is the time to adjust your income if you underestimated on your application.  If you underestimated and you file your 2014 tax returns with a higher income, you will owe the IRS some premiums back.

For Covered California, you can call them at 1-800-300-1506.  When we have been trying to adjust income online, they have been issuing people a new policy number so the best thing to do is to call them to adjust it.

Please also remember that in order to receive that subsidy this year, you agreed to file your 2014 taxes by April 15, 2015. If married, you must file “married filing jointly.”

We just want to make sure our clients are aware that the IRS will be looking at subsidies come tax time.

 

From the IRS:

http://www.irs.gov/uac/Newsroom/IRS-Now-is-the-Time-for-a-Mid-Year-Premium-Tax-Credit-Checkup#.VAZZ5a-mTlw.facebook