Yes. That is possible. If you underestimate your income to get more assistance and your income ends up being higher, then you could have income from Form 8962.
Whether or not you are on the Health Insurance Marketplace the entire year or a part of the year you will receive a Form 1095-A. The information from Form 1095-A will need to be entered into TurboTax. This process is reconciling the Form 1095-A with your total household income for the year and to determine whether or not you received the correct amount of supplement. Depending on the result of this reconciliation process, you may receive an additional refund or you may have to pay back some of the supplement you received. When I use the term household income I mean that it uses all income reported on your Form 1040. For example, if you file as married filing joint, it will include the total income on the return.
Unfortunately, what you were making when you qualified is not taken into consideration here when we are reconciling for the year.
Here is an IRS article About Form 1095-A.
Here is another article What is Form 1095-A.
Both of these articles will give you more information about the purpose of Form 1095-A.
Here is a link that will explain how to enter your Form 1095-A into TurboTax. How to Enter Form 1095-A in TurboTax
Yes. That is possible. If you underestimate your income to get more assistance and your income ends up being higher, then you could have income from Form 8962.
Thank-you Coleen,
I enrolled in the Health Insurance Marketplace while unemployed. Once re-employed, I cancelled my subscription because I received insurance directly from my employer.
How does that affect my taxes?
Whether or not you are on the Health Insurance Marketplace the entire year or a part of the year you will receive a Form 1095-A. The information from Form 1095-A will need to be entered into TurboTax. This process is reconciling the Form 1095-A with your total household income for the year and to determine whether or not you received the correct amount of supplement. Depending on the result of this reconciliation process, you may receive an additional refund or you may have to pay back some of the supplement you received. When I use the term household income I mean that it uses all income reported on your Form 1040. For example, if you file as married filing joint, it will include the total income on the return.
Unfortunately, what you were making when you qualified is not taken into consideration here when we are reconciling for the year.
Here is an IRS article About Form 1095-A.
Here is another article What is Form 1095-A.
Both of these articles will give you more information about the purpose of Form 1095-A.
Here is a link that will explain how to enter your Form 1095-A into TurboTax. How to Enter Form 1095-A in TurboTax
The link below does not work. Can someone explain how to enter Form 1095A info into Turbotax?
Here is a link that will explain how to enter your Form 1095-A into TurboTax. How to Enter Form 1095-A in TurboTax
To enter your Form 1095-A -
Or enter 1095-a in the Search box located in the upper right of the program screen. Click on Jump to 1095-a