turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

efanous
New Member

I am not eligible for the PTC because I had minimum essential coverage (Medicare part A) but I also paid for insurance through the exchange. How do I indicate that?

I am getting a tax credit I am not eligible for and I can’t make it go away. I am not eligible for the PTC and I want to change what appears on form 8962 but I am not seeing any options that will allow me to disclaim this credit.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I am not eligible for the PTC because I had minimum essential coverage (Medicare part A) but I also paid for insurance through the exchange. How do I indicate that?

If you paid at least one month of insurance through the exchange and meet the income and other requirements, you are probably eligible for the PTC.

 

Here are the IRS rules for PTC.

I am not eligible for the PTC because I had minimum essential coverage (Medicare part A) but I also paid for insurance through the exchange. How do I indicate that?

Individual market plans no longer terminate automatically when you turn 65.
You can keep your individual market plan, but premium subsidies will terminate when you become eligible for premium-free Medicare Part A (there is some flexibility here, and the date the subsidy terminates will depend on when you enroll).
There is likely no benefit to keeping your individual market plan in addition to Medicare.

see this link for more info on when subsidies terminate - so it's possible based on your income to be entitled to additional PTC for the months you were not eligible for Medicare and was covered under the ACA

https://www.medicareresources.org/medicare-eligibility-and-enrollment/moving-from-obamacare-to-medic... 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies