1095-A -not sure I'm entering correct info

[Beagleman58]

Hi - I'm self employed, and purchase my health insurance through the New York Marketplace.

I'm entering my 1095A in Part III:
Column A lists my monthly premiums per month of $617.24 - this is the cheapest Silver Level plan
(not my main question but my actual monthly premium was $618.23 -should I call this to their attention and ask for a revision knowing that it may not get done for months?)

TTax says that if Column B is zero, to go to my provider and enter the monthly Premium of the 2nd lowest Silver Level plan offered by my provider - (Fidelis Insurance Company)  
I went to the NY State Marketplace website which indicated the next cheapest Silver level plan was $633.97 which I entered for each month in Column B

After entering the data, I went from owing about $1100 to  a refund of about $4500.

This seems too good to be true - am I missing something?

Thanks so much!
Bill

[Vanessa A]

It is possible that you did not get enough of a premium credit during the year and it has been added to your refund.  This can happen if your income is less than was estimated when you signed up for Marketplace insurance. 

If your only income was from self employment and you are below the 400% poverty line with your business income and deductions, you would be eligible for the Premium Tax Credit. 

Did you enter column C yet?  This would be the amount of your Advanced Premium Tax Credit. 

It is also possible that you made an entry error. It is always a good idea to double check all your entries if you have a refund that you are not expecting.  

[Beagleman58]

Thanks so much for answering me...since I posted my question I found a couple of things:

1. My monthly premium was indeed $617.24 per month

2.  There was a document from NYS Marketplace that lists the amount of the "Second Lowest Silver Plan" for my county to be the same $617.24

3.  Column C - reads as zero - not sure if there is anything I need to change there.
I did not receive any advance payment of premium tax credit.

Thank you.

[GeorgeM777 · Accepted solution]

To follow-up on the post from @Vanessa A, it's likely that you were eligible to receive a subsidy, but because you did not receive any subsidy, it is being paid back to you in the form of a refund.  The Marketplace recommends adjusting anticipated income so that premium subsidies closely match what a taxpayer is eligible to receive.  Understating income could result in the taxpayer paying back part or all of the premium subsidy.   Overstating income could result in the taxpayer receiving a portion of the premium paid back in the form of a refund.  

@Beagleman58

[Beagleman58]

Thank you...I never really updated my info with the Marketplace since I first enrolled in 2016...
This will be my last year as I'm medicare eligible in 2024, so I'll probably just ride it out for 2023and take a refund again next year.