jack-fede
New Member

Do I have to repay the APTCs I received under the ACA for Jan-Mar if my income increased later in the year causing my AGI to be over the FPL 400% threshold?

 
JohnW222
Expert Alumni

Get your taxes done using TurboTax

You most likely do have to repay these amounts.

When your household income is greater than 400% of the federal poverty line, you can't claim the Premium Tax Credit, and you generally have to repay all Advanced Premium Tax Credit paid for individuals in your tax family.

Please see the IRS's Publication 974, Premium Tax Credit (PTC) and Instructions for Form 8962 for more information.

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jackred2
New Member

Get your taxes done using TurboTax

I have to repay 100% of the APTC. Can I now claim that amount as a Health Insurance Premium payment? 

Get your taxes done using TurboTax

It depends.  

 

If you repay 100% of the APTC you may be able to claim that amount.

Here is a link with a calculator that will help you.

Here is a TurboTax link with more information.

 

Advance Premium Tax Credit (APTC)

A tax credit you can take in advance to lower your monthly health insurance payment (or “premium”). When you apply for coverage in the Health Insurance Marketplace®, you estimate your expected income for the year. If you qualify for a premium tax credit based on your estimate, you can use any amount of the credit in advance to lower your premium.

  • If at the end of the year you’ve taken more premium tax credit in advance than you’re due based on your final income, you’ll have to pay back the excess when you file your federal tax return.
  • If you’ve taken less than you qualify for, you’ll get the difference back.

@jackred2