turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

zohab1
New Member

Will my tax refund go down if I enroll in NJgetcovered and get advance tax credit

income= less than 10k for the year
full time student
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Will my tax refund go down if I enroll in NJgetcovered and get advance tax credit

I am more famiiar with the way healthcare.gov works, but in general if you are getting a premium tax credit for health insurance, the amount of the credit is based on the amount of income you say you will be receiving.   If you receive more  income than that, then you end up having to pay back some of the advance credit you received and it is taken out of your refund or you owe tax due.   We do not have enough information from you.    You say you will be a student---are you someone else's dependent?   

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
zohab1
New Member

Will my tax refund go down if I enroll in NJgetcovered and get advance tax credit

No I am not a dependent, last time I received around a 1400 tax refund due to being a full time student and an income under 10,000 dollars, this time the income will be around 18 thousand dollars. My only question is, will my refund be lower if I make the same amount I declared and get health care through those advance tax credits. I am receiving 381.46 per month in APTC and 20$ per month in NJhealthplan savings. In the case that the expected income is what I make what kind of a refund am I looking at this time around, please do let me know if you want any other details to give me an idea because all this is pretty confusing to me I must say.

Thank you for replying.

 

 

  

Will my tax refund go down if I enroll in NJgetcovered and get advance tax credit

We cannot tell you how much your refund will be---there are too many things we do not know and cannot see---we cannot see your information --such as your filing status, whether you have dependents, how much tax is being withheld from your pay, whether you have W-2 or self-employment income, etc.etc.etc.  Try the Taxcaster tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

And...again.....whether you owe anything back for the advance premium credit you are getting for health care will be determined by whether you accurately predict how much your income will be.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies