The premium tax credit is based on your income and family size compared to the Federal Poverty Level. So even if you made less combined, individually, your threshold is lower. For one person the poverty line is $15,060. For 2 people it is $20,440. If you look at line 7 of your form 8962, you will see a percentage there. You can use that percentage and compare it to this table. This number is then multipled by your MAGI on line 3 of form 8962 to determine how much you should actually contribute to your premiums. This amount will then show on line 8a. This number is not going to change based on the portion you received in the credit. The only thing that will change that number is a change in income. Then add to that, if your income is under 400% of the FPL, your repayment is limited to an amount between $350 and $1,500.
So, if your income is at 200% of the federal poverty level, then your repayment limitation is $350. So, whether you should pay back $350 or $1,000, it will stay at $350 based on your percentage of income compared to the poverty level. This is why whenever you change the numbers, your repayment amount is staying the same.
How to Reconcile Your Premium Tax CreditWhat is the Premium Tax Credit (PTC) and What is Tax Form 8962?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
