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.
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Rest assured that if you enter your 1095-A into TurboTax exactly how it is on your form, the software will calculate the proper credit or non-credit on form 8962. The calculation is also taking into account all the income that you have entered, so this is also important to make sure you are entering all your income information accurately.
The amount of income you provide to the Marketplace insurance provider when you sign up is usually not the true income that you file on your taxes, so this is the reason you have to file Form 1095-A to determine if you underpaid or overpaid for your healthcare premiums.
For more information on the Premium Tax Credit, go here: The Premium Tax Credit- The Basics
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