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New Member
posted Jan 31, 2025 9:48:08 PM

1095 -A I retired in October signed up with Marketplace insurance. I had it for 3 months. My marketplace representative said my subsidy would be based on my income for the next year. I did my taxes on this site it says I owe back all the subsidies?? Help

I retired Oct.  2024 signed up with Marketplace through a reputable representative. He told me my subsidy would be based on my income from my start date for only 3 months. 
I did my taxes, saying I owe over 3,000 back all the subsidies……

this is crazy!!

please help

0 1 2119
1 Replies
Expert Alumni
Feb 3, 2025 8:09:29 PM

It seems as though you may have received more premium tax credits in advance than you were qualified for based on your income, which is why you owe taxes. The 1095-A is used to complete your Premium Tax Credit Form 8962 and reconcile your Premium Tax Credit. Unfortunately, you will have to pay back what's calculated on Form 8962.

 

 If you are unable to pay your balance due to the IRS, review the TurboTax article Unable to Pay Your Tax Bill? Here’s What To Do.

 

For more information, review the TurboTax articles What is the Premium Tax Credit (PTC) and What is Tax Form 8962?

 

IRS article Premium Tax Credit: Claiming the Credit and Reconciling Advance Credit Payments