Hi - I had a affordable care act plan for most of 2023 (8mos) before I found a great job, cancelled the ACA plan I had (through Colorado market place) and enrolled in the employers health care plan. Because of the new job, I also made more money than the ACA plan qualified me for the year based on my original estimates.
I'm using Turbo tax and it informs me that I'll have to pay back about about 1800 dollars - however I have a federal refund that exceeds that amount - Question - does Turbo tax factor that in the Federal Amount displayed - or do I have to write a check to the IRS - or does the IRS deduct the amount from my refund? Thanks in advance
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The advance premium tax advance repayment is included in your tax return and its amount is already built into your net refund. It's already deducted from your refund.
You don't have to write a separate check to the IRS.
The advance premium tax advance repayment is included in your tax return and its amount is already built into your net refund. It's already deducted from your refund.
You don't have to write a separate check to the IRS.
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