In the tunneling regime we present a semiclassical model of above-threshold ionization with inclusion of the Stark shift of the initial state, the Coulomb potential, and a polarization induced dipole potential. The model is used for the investigation of the photoelectron momentum distributions in close to circularly polarized light, and it is validated by comparison with ab initio results and experiments. The momentum distributions are shown to be highly sensitive to the tunneling exit point, the Coulomb force, and the dipole potential from the induced dipole in the atomic core. This multielectron potential affects both the exit point and the dynamics, as illustrated by calculations on Ar and Mg. Analytical estimates for the position of the maximum in the photoelectron distribution are presented, and the model is compared with other semiclassical approaches.