I'm currently working on taxes for an individual that had ACA health insurance (with advance tax credits) for the first half of 2016. In the second half of 2016, this person got a new job with increased pay and employer provided health insurance. When I use TurboTax, it uses the income from the entire year to calculate the advance tax credits, when it should only use the income from the first half of the year. How do I modify this so only the income from the employer in the first part of the year is used to calculate the tax credit?
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Unfortunately, this is how the Affordable Care Act works. They calculate it at tax time based on the entire year's income, so the Advanced PremiumTax Credit (APTC) received would have to be paid back based on the yearly income. Any cost share reductions they received while using their ACA plan would not have to be paid back.
Unfortunately, this is how the Affordable Care Act works. They calculate it at tax time based on the entire year's income, so the Advanced PremiumTax Credit (APTC) received would have to be paid back based on the yearly income. Any cost share reductions they received while using their ACA plan would not have to be paid back.
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