I'm going to try to keep this as to the point as possible, I promise!
I signed my family of 3 up for the Marketplace in November 2018 for the 2019 year. I estimate our income and we were quoted a premium tax credit of $1229.
Yesterday I was informed by my employer that we would be receiving a holiday bonus this year, and I went into the Marketplace exchange to report this income ($3000.) Our credit went from $1229 to $842 which seemed like a huge jump for a modest increase..and no this did not inflate us into a new bracket. We started in the 300-400 bracket and ended there with the bonus.
After speaking to multiple customer service representatives, we were told that on November 15th the Marketplace information updates and no changes should have been allowed to go through..but they did..and they could not retroactivate the information.
Our premium credit is based on the 2020 numbers which in our area went down because the costs of plans went down. The amount we will owe for November and December are much higher.
My question is this: Will we somehow be held accountable for January-November when we received the higher credit..will we have to pay back the over $4000 or will the first 11 months reflect the original amount and only the last month be affected?
I hope this makes sense and thank you for any information you can offer.
Thank you for the worksheet.
I checked the line 28 information...we are not eligible for HCTC so none of those scenarios apply and we not above 400..not even close. Nobody is self employed and nobody was not lawfully present?