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Started By
Message
Am I getting audited?
Posted on 2/24/15 at 8:01 am
Posted on 2/24/15 at 8:01 am
Filed taxes on Feb. 8. IRS.GOV says my refund has not been approved as of this morning. I usually have my refund within 10 days or so.
Here's the deal: Got a subsidy for healthcare under the ACA for last year. However, I also got a big percentage increase in income (not really a whole lot of money). When filing my taxes this year for 2014, I had to pay back the entire subsidy from my refund because I made too much money. No big deal, still getting a refund. Still receiving a subsidy for this year's healthcare, but will have to pay it back next year. Once again, no big whoop. Obviously won't receive a subsidy next year.
Let's please not let this devolve into a debate on the ACA. I want to know if I'm going to be taken into an IRS office and have my body cavities searched. All over a measly few thousand dollars in increased-and reported-income?
Here's the deal: Got a subsidy for healthcare under the ACA for last year. However, I also got a big percentage increase in income (not really a whole lot of money). When filing my taxes this year for 2014, I had to pay back the entire subsidy from my refund because I made too much money. No big deal, still getting a refund. Still receiving a subsidy for this year's healthcare, but will have to pay it back next year. Once again, no big whoop. Obviously won't receive a subsidy next year.
Let's please not let this devolve into a debate on the ACA. I want to know if I'm going to be taken into an IRS office and have my body cavities searched. All over a measly few thousand dollars in increased-and reported-income?
5
Posted on 2/24/15 at 8:13 am to LuckySo-n-So
Don't drop the soap.
Posted on 2/24/15 at 8:20 am to TDsngumbo
Good thing I don't use soap.
Posted on 2/24/15 at 8:42 am to LuckySo-n-So
A few things:
1) Anything under 3-4 weeks for a refund is perfectly normal. So I would not get too concerned yet. Remember IRS is understaffed.
2) Yes, they may be taking a closer look at the subsidy calculation. Also, there have been problems with the 1095 form that were mailed out for subsidies. You might want to check with the marketplace and see if you were effected.
3) You might want to make darn sure that for 2015, you will have enough tax refund to offset the subsidy repayment. You are kind of gaming the system here - using federal money to essentially borrow the premiums interest-free until next year. Which is fine, provided you have enough refund to cover it. If you don't, you will have to come out of pocket for the balance - and will be hit with interest and penalties if it's over a certain amount.
1) Anything under 3-4 weeks for a refund is perfectly normal. So I would not get too concerned yet. Remember IRS is understaffed.
2) Yes, they may be taking a closer look at the subsidy calculation. Also, there have been problems with the 1095 form that were mailed out for subsidies. You might want to check with the marketplace and see if you were effected.
3) You might want to make darn sure that for 2015, you will have enough tax refund to offset the subsidy repayment. You are kind of gaming the system here - using federal money to essentially borrow the premiums interest-free until next year. Which is fine, provided you have enough refund to cover it. If you don't, you will have to come out of pocket for the balance - and will be hit with interest and penalties if it's over a certain amount.
Posted on 2/24/15 at 8:59 am to LSUFanHouston
I was shocked at how quickly I was paid this year, under 10 days.
Based on what you submitted I'm sure yours just subject to additional review.
Based on what you submitted I'm sure yours just subject to additional review.
Posted on 2/24/15 at 9:21 am to LuckySo-n-So
quote:
Filed taxes on Feb. 8.
How did you even get your documentation that fast? I'm still waiting on my bank to send me 1099s for the sixty-eight cents in interest my savings account earned last year.
Posted on 2/24/15 at 9:22 am to LuckySo-n-So
I doubt it. You did exactly what you were required to do. You enrolled for health insurance coverage based on your prior and anticipated current income that determined you were eligible for a specific level of subsidy. You then filed returns reporting your actual income that resulted in a reduced amount of subsidy that you repaid.
The IRS has no reason to think you are abusing the system that I can see.
The IRS has no reason to think you are abusing the system that I can see.
Posted on 2/24/15 at 9:49 am to LuckySo-n-So
They know you post on the OT and therefore are not entitled to enroll in ACA at all, let alone get a subsidy to do so.
Posted on 2/24/15 at 10:25 am to Cold Cous Cous
quote:They don't have to send a 1099-Int if they paid you less than $10.
I'm still waiting on my bank to send me 1099s for the sixty-eight cents in interest my savings account earned last year.
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