Hi @hbcrac
I just want to add that when you when you enrolled in a plan through the Health Insurance Marketplace -- your tax credit was based on the income estimate and household information you put on your Marketplace application.
You can use all, some, or none of your premium tax credit in advance to lower your monthly premium.
- If you use more advance payments of the tax credit than you qualify for based on your final yearly income, you must repay the difference when you file your federal income tax return.
- If you use less premium tax credit than you qualify for, you’ll get the difference as a refundable credit when you file your taxes.
When you file your annual tax return, you will report the information from your Form 1095A (you can find this tax form in your healthcare.gov account).
It is a good idea to update your information in your healthcare portal if you have job/income/family composition changes during the year especially if you are using the credit to reduce premiums so there is not a significant difference at tax time.
Thank you!
