Hello everyone! I really need some help regarding taxes. Here’s the story:
Last year in AugustI bought my first home. Bank of America gave me a downpayment grant of $6750. I received a 1099-MISC a couple of days ago, and since BoA is a for-profit organization, I have to pay taxes on it. Only way I could’ve work around that was if I had received the money from a non-profit organization. I already saw other posts talking about that. I have no problems with paying taxes on it, as BoA had already mentioned it to me, besides I’m grateful for their help during this process and getting me those grants. Now, my really BIG issue is my 1095-A from the Healthcare Marketplace. In 2023 I told them I was expecting to make X amount of money in 2024, which turned out to be close to it. So when I put the information from that form into my taxes, it counts my downpayment grant as extra income, so now they’re askin me to pay back almost $4000. Which to me that’s just outrageous. I don't have that money. I put away money from my 1099 as independent contractor every month, but not for this, I had no idea this was going to happen or that I was going to purchase a home. Is there a way to work this out? I will reach out to the Healthcare Marketplace people and tell them my story and see what they say, but I still wanted to get your help. That grant was a help, not actual income from my work. Thank you!
