Premium tax Credit Refundable?

[abrickrock]

I’m in process of filing my taxes. My tax credit was 1796 per month my insurance was 1552 so shouldn’t I get the 244 per month as a refund? My tax burden was zero. The IRS seams to say this… If you owe no tax, you can get the full amount of the credit as a refund. My turbo tax did not give me this can someone explain. Form 1095a  Column B is 16164  Column C is 13972 shouldn't I get refunded 2192?  Thanks,

[AmeliesUncle · Accepted solution]

Your tax credit is not $1796 per month.  It may have been UP TO $1796 per month, but it can not be more than the cost of your insurance.

So no, you don't get any additional refund.

[abrickrock]

Thanks for the reply! It makes sense if I actually paid toward the insurance I would get the money refunded. The terminology is confusing and makes it sound like I could get more money than I paid in.

[VictoriaD75 · Accepted solution]

If you purchased insurance through the marketplace and received a 1095-A, that must still be reported on your return.This will calculate the Net Premium Tax Credit on Form 8962. This form reconciles the amount of the credit available to you with the amount already received as an Advance Premium Tax Credit. The result could be additional credit owed to you, or you may have to repay any amount already received in advance. Because of either of these results, it is important for taxpayers to include the information from Form 1095-A on their return.

Only the 1095-A needs to be entered on your return from insurance purchased through the marketplace. If you received a different 1095 form, such as one from employer benefits, you do not need to enter anything on your return. It is for your records only.

If you have a 1095-A to enter, log into your TurboTax account and follow these steps:

• Click on Deductions & Credits under Federal
• Under the menu for Medical, click Start/Revisit next to Affordable Care Act (Form 1095-A)
• Answer Yes indicating that you have the form to enter
• Complete the information on the next screen to match your form and click continue

This will calculate the Net Premium Tax Credit on Form 8962. This form reconciles the amount of the credit available to you with the amount already received as an Advance Premium Tax Credit. The result could be additional credit owed to you, or you may have to repay any amount already received in advance. Because of either of these results, it is important for taxpayers to include the information from Form 1095-A on their return.

[Charlton16]

Greetings!

I in fact was eligible for up to $526 for advance payment of premium tax credit. However, I opted to pay the full amount of monthly premiums without advanced payment credit.  How do I file to receive a portion of my payments refunded? 

When I enter (a)1095a and (b)SLCSP amounts with zero amounts under the (c)premium tax credit Turbo Tax dos not show any refund amount for me.

Is there a step I am missing? 

Thank You,

CM

[AmeliesUncle]

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@Charlton16 wrote:

 (b)SLCSP amounts with zero amounts

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You need to look up the proper amount to enter for the SLCSP.

https://www.healthcare.gov/tax-tool/#/

[Charlton16]

I actually entered the correct amount of 576.78 from the tax tool originally. Still, no refund populates. 

[AmeliesUncle]

1. Go through ALL the error check/reviews.  One important one is to indicate that you can NOT be claimed as a dependent.
2. Is your income and number of people on your tax return the same as what you had told the Marketplace when they estimated your Advance credit?
3. Look at Form 8962 (you may need to pay first, then print it out). What is on Line 5?

[Charlton16]

Updated TT and seems to have fixed the issue