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Level 2
posted Mar 9, 2025 12:17:19 PM

Tax Credits Question

Can someone please help me with this? Please see below: Last year - You filed as Single. - Your total income was $45,626. - You took the Standard Deduction of $13,850. - Your taxable income was $31,776. - Your total tax before credits was $3,593. - You claimed $584 in tax credits. - Your total payments were $3,770 from W-2 and 1099 withholdings. - You received a refund of $761. This year - Your filing status is still Single. - Your total income is $40,136. - You are taking the Standard Deduction of $14,600. - Your taxable income is $25,536. - Your total tax before credits is $2,942. - You did not claim any tax credits. - Your total payments are $2,675 from your W-2 withholdings. - You have a balance due of $267. Last year, I claimed $584 in tax credits, but 0 this year. I'm thinking that I did something wrong this year. How do I identify what the $584 credit consisted of for last year? Is there a specific place on last year's return that I can look? This year's income was about $5,500 less than last years. Could I have overlooked something? Thanks in advance.

0 3 1816
3 Replies
Level 15
Mar 9, 2025 12:48:09 PM

Look at Schedule 3. 

Level 2
Mar 9, 2025 1:05:47 PM

Okay, bear with me, as I don't know how this all works.  On my 1095A for 2023, I paid premiums for every month (Jan - Dec).  In 2024, my 1095A shows me paying premiums for January only.  But I had health insurance coverage through my employer(s) for every other month in 2024 (Feb - Dec).  So does it make sense that I get zero tax credits for 2024 but $584 in 2023, or could I have done something wrong on my return?  Thanks in advance.

Level 15
Mar 9, 2025 1:21:51 PM

You found the answer. In 2023 you got credit for paying more of your medical insurance premium than justified by your income. For most of 2024 you didn’t have the Marketplace insurance that gave you that premium.