martybegan
Diamond Member
- Apr 5, 2010
- 83,049
- 34,366
"According to some sources". Would you literally put your money down on a bet those unnamed sources are right? You really want to go up against the IRS on the word of "some sources"?
I can't count how many times I have shown on this forum that "some sources" are full of shit. It amazes me people still listen to them.
The Obamacare Penalty: Yes, It Can Be Avoided - Yahoo Finance
We asked Mark Luscombe, principal analyst at CCH Tax & Accounting North America, about that. Turns out Limbaugh is essentially right. If you don't get a refund next year, the IRS could carry over the sum due and apply it against any refunds in future years. On a joint return, the penalty of one joint filer could be applied against the refund due to the other joint filer, Luscombe says.
If you dont pay it, all they can do is wait until they owe you some money and take that. Or probably just send you a letter every now and then reminding you that you owe money to the IRS, says Timothy Jost, a professor at the Washington and Lee University School of Law and coauthor of the casebook Health Law.
Ah. Limbaugh.
Figures.
Here's the key part you need to pay attention to: IRS could carry over the sum due and apply it against any refunds in future years.
The IRS will get you. Sooner or later. So you better not let Limbaugh talk you into spending your penalty money on a new Xbox.
Limbaugh said it, but it was vetted by someone else.
Also, if desired people can stop claiming less deductions, thus owing taxes instead of getting a refund if they really dont want to pay the penalty.