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phassett
New Member

I did not meet the lower income level for getting marketplace insurance subsidy. Will I owe back money? Was full time in graduate school.

Marketplace an individual in 2024: $14,580 to $15,060. I only "earned" $10128. What do I need to do to possibly reconcile and not pay back premiums?
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1 Reply
MinhT1
Employee Tax Expert

I did not meet the lower income level for getting marketplace insurance subsidy. Will I owe back money? Was full time in graduate school.

You are not necessarily ineligible for the Premium Tax credit if your 2024 income is below 100% of the poverty level. There are exceptions.

 

Just enter your form 1095-A in TurboTax and TurboTax will populate form 8962 for you.

 

The IRS says in this IRS document, on page 9:

 

You may qualify for the PTC if your household income is less than 100% of the federal poverty line and you meet all of the following requirements. 

  • No one can claim you as a dependent for the year. 
  • You or an individual in your tax family enrolled in a qualified health plan through a Marketplace. 
  • The Marketplace estimated at the time of enrollment that your household income would be at least 100% of the federal poverty line for your family size for 2024.
  • APTC was paid for the coverage of 1 or more months during 2024. 
  • You otherwise qualify as an applicable taxpayer (except for the federal poverty line percentage).

 

 

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