IRS offers ObamaCare relief

The IRS said Monday that it would offer some taxpayers relief if they received too much of a subsidy for purchasing healthcare.

{mosads}Taxpayers who received a premium tax credit to purchase health insurance are required on their tax return this year to reconcile the tax break they received with the amount they were supposed to get based on their actual income.

Because of that requirement, some taxpayers who received the premium tax credit are likely to face an unexpected expense on their return this year.

Under the deal the IRS offered Monday, taxpayers who ask for a waiver by April 15, are otherwise current on their taxes and report the excess payment won’t face a penalty for not paying the IRS back on time. Those taxpayers do still have to eventually pay back taxes for the credit, with interest.