" Oh boy this is gonna be great "
Starting with next year’s tax season, individuals who do not have health insurance that meets federal requirements will be subject to penalties. But there are various categories of individuals who could be exempted.
“Depending on the type of exemption, the process to claim it could be quite cumbersome and time consuming,” Cobb said.
In addition, many taxpayers who received subsidies to purchase health insurance through Obamacare could be forced to repay the federal government if, due to a miscalculation of their income, they received larger subsidies then they were entitled to under the law.
Cobb said people who are used to filing the pared down 1040-EZ will no longer be able to do so if they received any subsidies.
Popcorn will be served extra buttery this season.
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