Health Insurance Marketplace premium tax credit not being calculated

Forum|Forum|4 years ago
February 8, 2022
2 replies
18 views

I chose to wait until I filed my taxes to get the premium tax credit for the ACA marketplace coverage. The 2021annual premium for our family was $19,550. When I entered the 1095-A into TT, I got the message "Good news the credit for your insurance premiums was the right amount" even though all of Column B (SLCSP) was zero and Column C (advance payment of premium tax credit) was zero. This was after only having entered a few thousand dollars worth of interest income; no other income had been entered yet. Why did TurboTax not calculate the correct amount of premium tax credit that I am owed?

Best answer by DawnC

The Advance Premium Tax Credit is dependent on your household income size. If you have not entered all of your income, you are not going to see the correct results in the refund meter. Ignore the refund meter until all of your tax information is entered.

The advance premium tax credit (APTC) lowers monthly premiums for Marketplace health insurance plans. Eligible taxpayers must have a modified adjusted gross income between 100% - 400% of the federal poverty level. Once all of your tax data is entered, the amount of the credit will update.