How to get an Obamacare refund in 30 days
A new report shows how to file for a refund in just 30 days and save money on your next bill.
The report, which was published on Thursday, comes as the Trump administration is struggling to negotiate a bill that can pass the Senate.
The Tax Policy Center estimates the administration would save $1.2 trillion in 2019 by lowering taxes on high-income earners.
The report, titled “Obamacare Expenses: What You Need to Know,” is the latest analysis from the Tax Policy Action Center to help lawmakers understand how the Affordable Care Act will affect them, the authors wrote.
It uses data from the Government Accountability Office, which tracks how the IRS taxes income.
The tax agency has a process for determining what tax deductions are deductible for taxpayers who file jointly.
It also uses tax calculator software to estimate the average amount taxpayers could save under the plan.
The Center’s research also shows how some of the tax benefits for individuals would likely be offset by the loss of tax deductions and credits.
For example, if someone makes $80,000, but loses $1,000 in deductions and $3,000 of credits, the bill could save them $2,200.
But the report doesn’t show how much money individuals could save on their taxes if they file jointly, the researchers said.
Instead, the report offers some ideas for people who are able to file a joint return and split their income.
The IRS has been working with the House Ways and Means Committee to craft a tax reform bill that includes tax credits and deductions for working families.
A final bill will be unveiled at the end of September.
In the meantime, the Center is releasing a report titled “How to Get an Obamacare Refund in 30 Days,” to help legislators understand how to get a refund and get back to work.
The Tax Policy Report is published by The Hill, a nonprofit news organization that is nonpartisan.