Difference between revisions of "User:RahalMccall69"

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(Health insurance tax credits could affect 2014 tax refunds)
(Sheriff- Man stopped by deputies died from self)
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But if you count on your tax refund and you're one of the millions getting tax credits to help pay health insurance premiums under President Barack Obama's law, it's not too early.
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Sheriff Parnell McNamara said Sunday the report shows Donald Gene Easter, 58, shot himself in the head with a .40-caliber pistol as a deputy tried to stop him for a traffic violation.
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Here's why: If your income for 2014 is going to be higher than you estimated when you applied for health insurance, then complex connections between the health law and taxes can reduce or even eliminate your tax refund next year.
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The deputy saw Easter with the gun, heard a shot and pulled over. The deputy took cover behind his car and fired one or two shots because he thought he was being shot at, McNamara said.
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Maybe you're collecting more commissions in an improving economy. Or your spouse got a better job. It could trigger an unwelcome surprise.
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The sheriff would not identify the deputy because of an ongoing investigation by the Texas Rangers. McNamara said the deputy did not hit Easter.
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The danger is that as your income grows, you don't qualify for as much of a tax credit. Any difference will come out of your tax refund, unless you have promptly reported the changes.
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The incident began about 4:30 p.m. <a href=http://architectscanterbury.co.uk/page.php?sale=Christian-Louboutin-Pigalle>Christian Louboutin Pigalle</a>  when the deputy tried to stop Easter for a suspected traffic violation near U.S. Business Highway 77 by Bellmead, officials said.
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Nearly 7 million households have gotten health insurance tax credits, and major tax preparation companies say most of those consumers appear to be unaware of <a href=http://www.avanttravel.com/page.php?sale=Tory-Burch-Crossbody-Bags>Tory Burch Crossbody Bags</a>  the risk.
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  Easter did not stop and led officers at normal speeds until he was boxed in by a tanker truck, which slowed when the truck driver saw the pursuit and the deputy, McNamara said.
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  More than a third of tax credit recipients will owe some money back, and (that) can lead to some pretty hefty repayment liabilities, said George Brandes, vice president for health care programs at Jackson Hewitt Tax Service.
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Investigators think Easter shot himself and his vehicle collided with the back of the tanker.
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Two basic statistics bracket the potential exposure:
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The deputy pulled over, took <a href=http://architectscanterbury.co.uk/page.php?sale=Louboutin-Studded-Heels>Christian Louboutin Men</a>  cover behind the hood of the patrol car and fired one or two times at Easter, the sheriff said.
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The average tax credit for subsidized coverage on the new health insurance exchanges is $264 a month, or $3,168 for a full 12 months.
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  Two deputies were involved in the incident, but only one fired his weapon, McNamara said.
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The average tax refund is about $2,690.
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Deputies found a .40-caliber pistol in Easter鈥檚 car.
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Having to pay back even as little as 10 percent of your tax credit can reduce your refund by several hundred dollars.
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Easter鈥檚 son, Charles Easter, of Axtell, said Sunday his father had been depressed because of increasing problems with seizures attributed to a childhood bicycle accident and inability to get Social Security disability assistance.
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Tax giant H R Block says consumers whose incomes grew as the year went on should act now and contact HealthCare.gov or their state insurance exchange to update their accounts.
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As the problem grew worse, he said, his father lost several jobs and was turned down for disability <a href=http://www.cicviseu.net/page.php?sale=Tory-Burch-Handbags-Sale>Tory Burch Uk</a>  several times.
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They will pay higher health insurance premiums for the rest of this year, but they can avoid financial pain come spring.
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鈥淗e didn鈥檛 have any way to support himself and didn鈥檛 want to take money from his family,鈥?he said. 鈥淚t seemed like there was nothing he could do.鈥?
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As time goes <a href=http://www.alportico.net/page.php?sale=Cheap-True-Religion-Jeans-Canada>Cheap True Religion Jeans Canada</a>  on, the ability to make adjustments diminishes, warned Mark Ciaramitaro, H R Block's vice president of health care services. Clients count on that refund as their biggest financial transaction of the year. When that refund goes down, it really has reverberations.
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Charles Easter said he had no way of knowing whether a seizure played a part in the behavior that led to the shooting incident, but investigators told him the car鈥檚 windows were rolled up and that the deputy fired over the car, which had no bullet holes.
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The Obama administration says it's constantly urging newly insured consumers to report changes that could affect their coverage.
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鈥淓verybody loved my dad,鈥?he said. 鈥淎ll the kids called him 鈥楶op.鈥?He was always a good man.鈥?
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But those messages don't drive home the point about tax refunds.
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  What probably isn't clear is that there may be consequences at tax time, said Ciaramitaro.
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Aaron Albright, a spokesman for the Health and Human Services department, said the administration plans to ramp up its efforts.
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Concern about the complex connection between the health care law and taxes has increased recently, after the Internal Revenue Service released drafts of new forms to administer health insurance tax credits next filing season.
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The forms set up a final accounting that ensures each household is getting the correct tax credit that the law provides. Various factors are involved, including income, family size, where you live and the premiums for a benchmark plan in your community.
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Even experts find the forms highly complicated, requiring month-by-month computations for some taxpayers.
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Taxpayers accustomed to filing a simplified 1040EZ will not be able to do so if they received health insurance tax credits this year.
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Some highlights:
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-You may have heard that the IRS cannot use liens and levies to collect the law's penalty on people who remain uninsured. But there is no limitation on collection efforts in cases where consumers got too big a tax credit. If your refund isn't large enough to cover the repayment, you will have to write the IRS a check. They are not messing around, Brandes said.
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-Health insurance is expensive, and with that in mind, the repayment amount the IRS can collect is capped for most people. For individuals making less than $22,980 the IRS can only collect up to $300 in repayments. That rises to $750 for individuals making between <a href=http://www.alportico.net/page.php?sale=Gucci-Store-Nyc>Gucci Store Nyc</a>  $22,980 and $34,470. For individuals making between $34,470 and $45,960, the cap is $1,250.
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For families, the cap is double the amount that individuals can be charged, but the income thresholds vary according to household size. An IRS table may help simplify computation, which is based on the federal poverty levels for 2013.
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-There is no collection cap for households making more than four times the federal poverty level. They face the greatest financial risk from repayments, because they would be liable for the entire amount of the tax credit they received.
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Those income thresholds are $45,960 and above for an individual, $78,120 and above for a family of three, and $94,200 for a family of four. Ciaramitaro says people facing that predicament should try to minimize their taxable income through legal means, such as putting money into an IRA. The IRS says it will work with taxpayers who can't pay in full so they understand their options.
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-If you overestimated your income and got too small a tax credit for health care, the IRS will increase your refund.
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Funneling health insurance subsidies through the income-tax system was once seen as a political plus for Obama and congressional Democrats. It allowed the White House to claim that the Affordable Care Act is the largest tax cut for health care in American history.
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But it also made an already complicated tax system more difficult for many consumers.
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Revision as of 02:40, 11 September 2014

@@@ Sheriff Parnell McNamara said Sunday the report shows Donald Gene Easter, 58, shot himself in the head with a .40-caliber pistol as a deputy tried to stop him for a traffic violation. 

The deputy saw Easter with the gun, heard a shot and pulled over. The deputy took cover behind his car and fired one or two shots because he thought he was being shot at, McNamara said.
The sheriff would not identify the deputy because of an ongoing investigation by the Texas Rangers. McNamara said the deputy did not hit Easter.
The incident began about 4:30 p.m. <a href=http://architectscanterbury.co.uk/page.php?sale=Christian-Louboutin-Pigalle>Christian Louboutin Pigalle</a>  when the deputy tried to stop Easter for a suspected traffic violation near U.S. Business Highway 77 by Bellmead, officials said.
Easter did not stop and led officers at normal speeds until he was boxed in by a tanker truck, which slowed when the truck driver saw the pursuit and the deputy, McNamara said.
Investigators think Easter shot himself and his vehicle collided with the back of the tanker.
The deputy pulled over, took <a href=http://architectscanterbury.co.uk/page.php?sale=Louboutin-Studded-Heels>Christian Louboutin Men</a>  cover behind the hood of the patrol car and fired one or two times at Easter, the sheriff said.
Two deputies were involved in the incident, but only one fired his weapon, McNamara said.
Deputies found a .40-caliber pistol in Easter鈥檚 car.
Easter鈥檚 son, Charles Easter, of Axtell, said Sunday his father had been depressed because of increasing problems with seizures attributed to a childhood bicycle accident and inability to get Social Security disability assistance.
As the problem grew worse, he said, his father lost several jobs and was turned down for disability <a href=http://www.cicviseu.net/page.php?sale=Tory-Burch-Handbags-Sale>Tory Burch Uk</a>  several times.
鈥淗e didn鈥檛 have any way to support himself and didn鈥檛 want to take money from his family,鈥?he said. 鈥淚t seemed like there was nothing he could do.鈥?
Charles Easter said he had no way of knowing whether a seizure played a part in the behavior that led to the shooting incident, but investigators told him the car鈥檚 windows were rolled up and that the deputy fired over the car, which had no bullet holes.
鈥淓verybody loved my dad,鈥?he said. 鈥淎ll the kids called him 鈥楶op.鈥?He was always a good man.鈥?
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