Well the first maiden year of ACA is behind us. Tax season is ramping up and now I feel I'm on the hot seat for all the individuals I enrolled and who qualified for APTC.
Yesterday a client came to see me who told me last year he made $27,000 for his family of three. He brought a 2013 Tax Return for verification.
(He had originally told me $33,000 this time last year)
This client qualified for a $1000/month APTC in 2014 based on the info he originally provided me.
To make matters worse, he had a Schedule C that reduced his AGI to $12,000 in 2013. Had I known this last year he would have qualified for expanded Medicaid in my home state of Kentucky.
I feared he would have to pay back the $1000/month APTC at 2014 tax time, but have since learned that their is a cap on what citizens should have to payback if they "underreport" their MAGI. In his case $600 (another blow to the nose for us taxpayers!).
My question is: I feel exposed from the liability of signing up people on ACA plans that qualify for APTC. Does anyone use a "waiver" or something for clients to sign to CYA ?
Should I be concerned?
Yesterday a client came to see me who told me last year he made $27,000 for his family of three. He brought a 2013 Tax Return for verification.
(He had originally told me $33,000 this time last year)
This client qualified for a $1000/month APTC in 2014 based on the info he originally provided me.
To make matters worse, he had a Schedule C that reduced his AGI to $12,000 in 2013. Had I known this last year he would have qualified for expanded Medicaid in my home state of Kentucky.
I feared he would have to pay back the $1000/month APTC at 2014 tax time, but have since learned that their is a cap on what citizens should have to payback if they "underreport" their MAGI. In his case $600 (another blow to the nose for us taxpayers!).
My question is: I feel exposed from the liability of signing up people on ACA plans that qualify for APTC. Does anyone use a "waiver" or something for clients to sign to CYA ?
Should I be concerned?