TurboTax is correct. If you use more of your premium tax credit (PTC) than your final taxable income allows, you'll need to repay the difference when filing your Form 1040 at tax time. If your advance PTC was too high based on your income, the Marketplace indicates you should have informed them.
- Changes in income and family size may affect your eligibility, so report these to the Marketplace to ensure you receive the appropriate tax credit. The premium tax credit program uses the federal poverty line to determine the income ranges that qualify you for the credit.
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