Around 29 percent of taxpayers in the United States could have to take the health care law, Obamacare, into consideration while completing their income tax returns for 2014, according to the estimates of the Obama administration.
The US officials on Wednesday said that the government estimates showed that two to four percent are likely to pay a penalty for not obtaining health coverage in 2014 under American President Barack Obama’s Affordable Care Act.
According to the treasury and healthcare officials, three to five percent people could have to settle the federal subsidies that they received in order to help pay for health coverage last year, if their income fluctuations led them to get too little or too much assistance.
Another 10 to 20 percent of taxpayers are likely to utilize their tax filings in order to seek exemptions from the coverage requirements of the health care law. 15 to 20 million people will be constituting this group.
These estimates are completely based on the expectations of US Treasury for nearly 150 million income tax filings that are due to the Internal Revenue Service by a deadline set for April 15.
The Americans whose incomes swung over the year will be getting an opportunity to now owe money back or get eligible for a tax windfall.
Four million official forms will be sent by the Department of Health and Human Services that will be specifying the amount of federal subsidies that will be received by the consumers after their enrollment in the ‘Obamacare’ health coverage through the federal website, Healthcare.gov.