I had got medical insurance through Covered CA with zero premiums in 20th Dec 2022 when I did not have income and qualified for it with zero premium.
I got a job in May 2023 and the coverage was not good. So, I continued and canceled it in Oct 2023.
I received 1095-A Health Insurance Market Place Statement
Under Part III, I see 321.90 in column A, 392.24 in Column B, 320.90 for each month from Jan to October.
When I enter those in TurboTax, it increased my Federal tax due from $2205 to $5191.
I understand that the federal tax due increased because of my mistake as I was not aware that I will owe the money back. Please confirm if that will also affect my state tax . Thank you.
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No, the advanced payment of your Premium Tax Credit doesn't affect your CA tax return, but it may affect your federal tax return when your advanced payment is more than it should have been. In your case, it appears that you received more advanced premium tax credit than you should have and you have to pay it back which increases your federal taxes.
For more information refer to Covered CA Advanced Premium Tax Credit.
No, the advanced payment of your Premium Tax Credit doesn't affect your CA tax return, but it may affect your federal tax return when your advanced payment is more than it should have been. In your case, it appears that you received more advanced premium tax credit than you should have and you have to pay it back which increases your federal taxes.
For more information refer to Covered CA Advanced Premium Tax Credit.
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