Health care tax forms 8962, 1095-A, and 8965, are shown in Washington. Taxes? Who thinks about taxes around Labor Day? But if you value your refund and you’re one of millions getting a health insurance tax credit under President Barack Obama’s law, it’s not too early. If you worked a lot of overtime, or maybe your spouse got a higher-paying job, arcane connections between the health law and taxes can reduce or even eliminate your refund.WASHINGTON – The federal agency that had trouble launching a health insurance website last fall has a massive new project. Any glitches on this one could delay tax refunds for many Americans.
Because of complicated connections between the new health care law and income taxes, the Department of Health and Human Services must send out millions of new tax forms next year. They’re like W-2s for people getting health insurance tax credits under President Barack Obama’s law.
The forms are called 1095-As, and list who in each household has health coverage, and how much the government paid each month to subsidize those insurance premiums. Nearly 5 million people have gotten subsidies through HealthCare.gov.
If the forms are delayed past their Jan. 31 deadline, some people may have to wait to file tax returns — and collect their refunds.
A delay of a week or two may not sound like much, but many people depend on their tax refunds to plug holes in family finances.