Thousands of Taxpayers Overpay Obamacare Tax Penalty

irs

Over 300,000 Americans overpaid the IRS after indicating they did not have Obamacare-compatible health insurance. People who have household income below the threshold for the penalty are exempt from the individual mandate and should be refunded the amount, averaging $110, they listed on line 61 of their 2014 tax return. The IRS answers only 37% of taxpayer calls, so it’s your responsibility to claim a refund for overpayment. Most taxpayers will not file an amended return because tax prep fees outweigh the amount overpaid. If you do submit an amended return, don’t expect to get your refund any time soon.

http://www.cbsnews.com/news/did-you-overpay-the-obamacare-tax-penalty/
Martin, Ray. “Did you overpay the Obamacare tax penalty?” Moneywatch. CBS News, 24 Jul 2015. Web. 26 Jul 2015.

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