1095-A

Forum|Forum|3 years ago
January 27, 2023
1 reply
3 views

I got a raise and promoted in august of 2022. No it is saying I owe almost $3k to pay back because of that. Why? It isnt my fault I was doing my job now Im being punished and have to pay back almost what I make in a month. Is there anything I can do to lower what I owe back?

DaveF1006

Level 15

No unfortunately. In the beginning of the year, you estimated how much income you would earned for the year and your subsidy paid by the government was based on that estimate.

While your raise and promotion was unexpected, you still have to pay back the subsidy amount that was advanced to you because you earned more than your projected income for the year. There is no exception to this rule.

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Critter-3

Level 15

When you applied for insurance thru the ACA Marketplace the agreement you signed told you if your income changed during the year you were supposed to alert them immediately so the tax credit you were getting to pay the insurance could be adjusted accordingly. Failure to do so ends up with the situation you find yourself in now where you must repay some/all of the advance credit.