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Deductions & credits
There is no longer any penalty for not having insurance.
Your return is probably going down because you received a health insurance subsidy while you were in college and were covered by a Marketplace plan. When you take out Marketplace coverage, you must estimate your income for the year. Your subsidy amount is based on that estimate.
After you graduated, you probably made a lot more than you listed on your estimate, so you are paying back the subsidy.
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March 5, 2023
6:30 AM