1095-A Penalty Calculation

[Kaputnick]

After completing my taxes the amount shown is around $10,000. After entering the 1095-A we owe around $10,000? Yes we did make more based on 401K withdrawals but that is my only source of income (retired) but a swing of 20K? 

How is this calculated? Yes we did get the benefit of a reduced premium but it acts as if none of my payments were taken into account?

[NCperson]

if this community is going to help you, I'd ask that you be a little more specific in your statements as it's hard to otherwise help.

first, are you stating that you had a $10,000 REFUND that turned into $10,000 OWED after you punched in the 1095-A?  You never state what the initial $10,000 was.

What was your insurance situation in 2017 as documented on the 1095-A?  that commentary would help understand what is occuring

the maximum penalty in 2018 for not having insurance is the greater of $695 or 2.5% of your income.  if you are suggesting that there was a $20,000 swing in taxes owed and if you had no insurance, then your income should have been about $800,000 ($20,000 / ,025)

how much is the tax on Schedule 4 Line 61.  That is what is being assessed for the medical situation

[IsabellaG]

If you received an Advance Premium Tax Credit during 2018, it was because when you signed up for health insurance from the Marketplace you showed that you anticipated income for 2018 that would be lower than 400% of the Federal Poverty Level. You were treated as eligible for a subsidy. If when you file your return it shows that your income was over 400% of the Federal Poverty Level, you'll have to pay back all of the subsidy. The amount that you paid for insurance is not in question. But the subsidy amount will have to be repaid if your income for the year was too high. This can certainly add up to $10,000 if your advance premium credit was around $850/month.

[Kaputnick]

The $10,000 is a federal refund and the state is California. 2017 had the ACA rate as well for both years; I have no schedule 4.

So it doesn't matter that I paid part of an ACA premium but I am taxed based on 1095-A column C?

Thanx!