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bees14
New Member

Can I enter my income by month to avoid having to repay the health insurance marketplace tax credit I received part of the year?

I had marketplace insurance when I worked part time the first half of the year. Then switched to employer insurance when I went full time on 7/1.  Because my salary increased now I have to pay back the credit, but when I received the credit I didn't make that much money.
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1 Reply

Can I enter my income by month to avoid having to repay the health insurance marketplace tax credit I received part of the year?

No.   You do not enter your income by month on an income tax return.   When you enrolled in the ACA health insurance you estimated your 2023 income.  If it ended up being more than your estimated amount, you were supposed to tell healthcare.gov about your increased income asap and let them know that you were receiving other coverage through your employer.   

 

Now that you are filing a tax return, you have to enter the 105A and the software will calculate how much of the premiums you have to pay back based on your income for the year.

 

 

 

From Healthcare.gov:

If you're enrolled in a Marketplace plan and your income or household changes, update your application as soon as possible.

These changes — like higher or lower income, adding or losing household members, or getting offers of other health coverage — may affect the coverage or savings you’re eligible for.  After you finish applying or enrolling, you may be asked to submit documents to confirm your income.

Discover which changes to report.

Learn how to report changes.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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