In 2022, I made $12522.00 from W2s and I had Marketplace Insurance from Feb through Dec. My filing status is: Single, No Dependents and no one can claim me. I take the standard deduction.
From my 1095-A columns A and B and C (all 3 columns had the same amount of $401), I entered $401.00 from Feb to Dec Totaling $4411
On Form 8962
Line 1: 1
Line 2a: $12522
Line 2b: $0
Line 3: $12522Line 4: $12880 (since I live in one of the 48 states)
Line 5: 97%
Line 7: $0
Line 8a: $0
Line 8b: $0
Turbo tax is indicating no repayment. Now this is where I am getting confused and I am hoping someone can help me understand the verbiage.
I read the instructions for Form 8962 and under the section Household Income below 100% mentions if I meet the requirements under, Estimated household income. So I read that section and the bullet point that I am questioning is: You otherwise qualify as an applicable taxpayer (except for the federal poverty line percentage), so then I went and read the section "applicable taxpayer" on page 5 and it states: You must be an applicable taxpayer to take the PTC. Generally, you are an applicable taxpayer if your household item for 2022 is at least 100% of the federal poverty line for your family size and no one can claim you as a dependent for 2022. The remaining sentences talk about marriage which doesn't pertain to me. Then the next paragraph reads: For individuals with a household income below 100% of the federal poverty line, see Household income below 100% of the federal poverty line under line 5. From there I keep going in loops.
The reason I am under sure because my refund will be affected: If I qualify for the PTC credit my refund will one amount, however if I don't qualify for the PTC credit than I am required to pay back $325 based of the table which will lower my refund.
Now, seeing how line 5 on my form 8962 is 97% and when I read the section am I qualified applicable taxpayer, the one line reads, if your Household income as at least 100% you qualify.
Comparing my 97% (from line 5) is less than 100% than I am required to pay back the $325.00. If that is correct than Turbo Tax won't let me change it.
Am I interpreting this information correctly. I apologize for the long message. I don't want anyone to think I was looking for a quick answer without trying to do the properly research ahead of time.
Thank you in advance.
