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Level 4

Question

Penalty if underestimate income for Covered CA health insurance benefits

Forum|Forum|2 years ago
October 17, 2023
1 reply
6 views

No text available

TurboTax Home & Biz Windows

Level 15

What is your question?

DIY_Tax_PersonAuthor

Level 4

For my Covered California health insurance benefits, you have to estimate your income for the next year. My question is what happens if I under-estimate my income? Penalty? If I only have to pay the difference, then it seems to make sense to always underestimate.

NOTE: This message field does not function on my desktop PC -- only on my laptop.

Level 15

You just pay the difference. Your only penalty would be if you did not have sufficient withholding and estimated payments to cover your tax liability.