Some 1.8 million households have learned there’s a catch to the money the government lent them to afford private insurance under the Affordable Care Act. It has to be reported on their tax return.
Those households which have not done so make up 40 percent of the 4.5 million households that were provided tax credits and must account for them or risk not getting them for 2016.
Of those, 760,000 households filed their returns and omitted the necessary reporting form, 710,000 never filed a return and 360,000 asked for an extension on their returns.
The tax credits average $272 a month.
The 2014 tax year was the first for which households had to report the tax credits, so it was incumbent on the Obama administration to inform those recipients their credits need to be reported.