Almost 3 Million Could Lose Their ObamaCare Subsidies Next Year

IBD reports:

Health Care: Remember the hue and cry when it looked like the Supreme Court could deny ObamaCare subsidies to millions of people? Looks like it could happen anyway, thanks to the law's tax complications.

Fully 40% of taxpayers who received ObamaCare subsidies last year haven't filed their taxes yet and are at risk of losing their subsidies for next year, according to the American Action Forum.

An update on ObamaCare that the IRS recently sent to Congress said that out of the 4.5 million taxpayers who got ObamaCare's "advance payment" subsidies last year, only 2.7 million had filed the required tax forms as of the end of this May.

The rest filed for an extension (360,000), haven't filed at all (710,000) or didn't submit the new ObamaCare form — Form 8962 — that's required to make sure they got the right subsidy amount (760,000).

These 1.8 million taxpayers actually represent 2.8 million individuals, according to the IRS, since one taxpayer can file on behalf of his spouse and children.

In a separate document, the IRS notes that if these taxpayers don't file and if they try to sign up for a plan for 2016, they won't be eligible for ObamaCare subsidies. And they might have to "pay back some or all of the 2014 advance payments of the premium tax credit."

This is the latest evidence of just how wildly complex ObamaCare's subsidy scheme is. When enrollees sign up for coverage, they have to forecast what their income will be next year, because it determines their subsidy amount.

The great moments of ObamaCare! Fascism sure is complex.