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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?
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.
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.
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