Hello,
I worked part-time from January 2023 to July 2023 and then in August I got a full-time job that paid my health insurance. Why don't I quality for the premium tax credit anymore? It is saying "Be sure to let the Marketplace know when your circumstances change. This will help ensure that any advanced payments of the Premium Tax Credit are adjusted so you don't owe a large repayment with your tax return." I did let the marketplace know and I canceled this insurance in June when I got a full-time job. Now its saying I owe $1,500 is this accurate??
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The credit depends on your income for the full year. Since your estimated income was lower than your actual income, you don't actually qualify for the credit or the subsidy payments you already received. Had your income been what you estimated it to be when you enrolled, you would have qualified for the credit. It is based on annual amounts - total income, family size, and zip code. If your estimates caused you to receive subsidy payments you did not qualify for, you have to repay them on your tax return. So yes, it does correct, unfortunately. Had you not notified the marketplace, the amount you are paying back would be a lot more.
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