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News Link • TAXES: Federal

Tax refunds will be cut for ACA recipients

•, Susan Tompor

Those affected took advance payments of the premium tax credit for health insurance. Some married couples could owe $600 or $1,500 or $2,500 or even more. It might feel like a raw deal for some who are already suffocating under the escalating costs of health insurance.

"Health insurance is confusing enough, and now they're adding the complexities of the Tax Code," said Lorena Bencsik, a member of the Michigan Association of CPAs and owner of Prime Numbers in Ferndale.

When you file that 2014 tax return next year, the Internal Revenue Service will compare your actual income for the year with the amount you estimated when applying for exchange-based health insurance under the health insurance law.

The next open enrollment period begins Nov. 15. But notices were sent this week to some consumers whose incomes don't match up to such things as 2012 tax return information.

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