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Confused about owing taxes for Health Insurance
Went through my taxes today, and when I put in my 1095-A it said I owed $300. I am confused by this. In Mid Feb I went from a part time to full time job where I was given employer healthcare. I canceled the Marketplace gov't healthcare I had at the end of Feb, and then started employer health insurance March 1. According to what I've been reading, the taxes is because of the tax breaks that I got for my estimated income.
Well, at the time that was my income, when I got a full time job that did up my income slightly. I also received unemployment ($5,000) when I was furloughed due to covid, and that is being added. I'm not sure I understand why I'm being penalized when I wasn't even on that health insurance anymore.
‎January 25, 2021
3:51 PM