Should I amend my return if I was audited and my refund was much lower? All the forms were entered correctly an looked over. Should I be worried?

[dashaward]

The IRS sent me a letter stating that they wanted me to send the following documents: A completed Form 8962 A copy of my Form 1095-A The information I entered was accurate and the necessary forms were sent. Every month my insurance was paid and I'm on edge trying to figure out why the majority of my refund was taken and caused extreme hardships.

[Bsch4477]

Just follow the directions on the letter sent by the IRS. 

[Mike9241]

it may be the premium tax credits you received were more than those allowed based on your coverage and income. Then the excess would need to be repaid reducing your refund. Another possibility is that there is some other problem with your return. you should have received a notice explaining the changes made.

we can't see your documents so if you need an explanation you'll have to contact the IRS

Call 800-829-1040
1) Choose your language,
2) Then choose option 2
3) Then 1
4) Then 3
5) Then 2
6) When it asks you to enter your SSN or EIN do nothing – wait - - After it asks twice, you will get another menu
7) Then 2
😎 Then 3

It should then transfer you to an agent. Note when its phone line are busy you may be on hold for a long while or disconnected

*********************

filing an amended return will be a waste of time unless the issue is identified or if the IRS is correct

[xmasbaby0]

You had marketplace health insurance?   Did you end up having a higher income than you estimated when you went on the insurance plan?   If so, did you notify the marketplace during the year?

If you had health insurance from the marketplace, when you applied for the insurance, you gave healthcare.gov an estimate of how much income you would receive in 2023.  They used that amount to calculate how much of the insurance premium would be covered by the tax credit and how much would be your amount to pay.   So...you had some monthly amounts to pay, and the rest of the cost of having that insurance was paid by the government program.

If you ended up making a higher income than you told them you would receive, they re-calculate how much should have been paid by the program and how much should have been paid by you.   And if your own share of the cost should have been more, they get it back on your income tax return and your refund will be used or you might even owe the IRS.  

If you actually had less income, you could even get some of the share you paid back on your tax return.

From Healthcare.gov:

If you're enrolled in a Marketplace plan and your income or household changes, update your application as soon as possible.

These changes — like higher or lower income, adding or losing household members, or getting offers of other health coverage — may affect the coverage or savings you’re eligible for.  After you finish applying or enrolling, you may be asked to submit documents to confirm your income.

Discover which changes to report.

Learn how to report changes.