Health Insurance Marketplace: Advanced Premium Tax Credit Repayment Caps

[AK63]

On Turbo Tax Premium 2022, there do not appear to be dollar caps on the amount of repayment of the Advanced Premier Tax Credit (on Marketplace Health Insurance) if your income is below 4 times the poverty level.  Therefore, Turbo Tax Premier 2022 may calculate taxes incorrectly.

(note: The Inflation Reduction Act, which was signed into law in August 2022, extends the ARP’s subsidy enhancements through 2025. This means the subsidy cliff will not return until 2026, and the subsidies will continue to be larger than they were prior to the ARP.. Therefore, there are dollar caps on the amount of Advanced Premium Tax Credit repayment if income is below 4 times the poverty level.

[DoninGA]

The IRS Form 8962, Premium Tax Credit will not be finalized and available for filing until 01/19/2023.

IRS forms availability in TurboTax - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...