I have already made adjustments to my w4 form which will be in effect for my first pay check on January 1 2014.
I only get paid once a month so it will be easy to figure my taxes in October and know if I am short on withholding or right on the money. However if you don't have enough refund coming back the IRS will contact you and inform you that you still owe them this much money, and if you don't write them a check immediately they will work out a payment plan with you at 8% interest on the unpaid balance per month and accept a monthly payment. I have already been through this situation and it took me 3 years to pay off $4,500.00 and they placed a lean on the house that I owned at that time which almost prevented me from selling it when I was going to move back to my home state because I couldn't find a job in Michigan back in 2008. They also contacted the state of Michigan and told them what my situation was and the state contacted me and said they had revoked my $10,000.00 property tax exemption on that property for the year of my problem with the IRS which means that I owed the state of Michigan $1,877.00 in property taxes, and they gave me 90 days to pay the bill or they would place a state lean on my house which would have to be paid before I could sell it or at the time of closing if I did sell it.
So I guess what I am telling you is, if there isn't enough money in you tax refund to cover your fine for not having ObamaCare insurance you just don't know what a can of worms the IRS will open for you.
I have also heard from a friend who works for a national tax pr********n firm that if you don't have ObamaCare insurance for 4 years the IRS will then have you drivers license suspended with out you knowledge until you get pulled over by a policeman and he arrests you for driving on a suspended license and takes you to jail which will cost you to bail out of jail and pay the fine for you violation and court cost and the judge will also require you to purchase ObamaCare and prove you have a policy before he will give you the release of the suspension paper work and you can go to the DMV and get your drivers license reinstated and pay for all the fees you owe the DMV which will be in the neighborhood of $150.00 which is nothing but more worms you have to put back in the can that the IRS opened for you.
However I would like to thanks for you advice.
I have already made adjustments to my w4 form which will be in effect for my first pay check on January 1 2014.
I only get paid once a month so it will be easy to figure my taxes in October and know if I am short on withholding or right on the money.
Thanks for you advice.
You are correct I was not paying $41,895.95 per year.
I have fat fingers syndrome, (LOL) I was paying $1,895.00
per year.
Has any one out there investigated their ObamaCare premiums and find them to be out of the realm of reality compared to your annual income, even if you get a subsidy.
I investigated my Obamacare premium for myself and my wife and find it to be $892.50 per month and I will receive a subsidy of $4,280.00 to help me pay for my policy which by the way for the silver policy. That is $10,710.00 per year out of my pocket for health insurance, and I am the only bread winner in my family and $18,018.00 a year after taxes. I had health insurance on both of us for 41895.95 per year until it was found to be a substandard policy by ObamaCare and it will be cancelled as of December 31 2013.
So I guess we are just SOL because I have decided to not purchase an ObamaCare policy and I will not pay the fine either.
Then I see on the internet that speaker of the house Boehner applied for ObamaCare and his premium will be $449.00 per month for the Gold policy and he will get a subsidy of $10,048.00 to help him pay for his policy when this man makes $227,000.00 per year.
I ask you what is wrong with this picture?