I made 40,000 in taxable income last year. I owe $72 dollars on my return from my marketplace healthcare.... this can't possibly equal to that amount?

[AmyC]

Perhaps you claimed an income near what you made so there is a small price difference of $72. You can contact your health insurance, if you feel there is a discrepancy with your 1095-A.

[malickim12]

Thanks! I should probably re-word some parts of that question. I had an income of 40k and the entirety of my “return” is solely owing $72. Prior to inputting my 1095 I was supposed to be paid a few thousand.

[RaifH]

The 1095-A reconciles how much assistance you received in paying for your marketplace insurance as compared to how much you should have received based on your income.

For example, if your health insurance costs $350 / month normally but you received an advanced credit and were only paying $50 / month you received $3,600 in advanced credit ($300 x 12). If based on your income, your credit should have only been $100 / month, you should have received $1,200 for the year. You would then have to pay back the $2,400 on your tax return. The amount that you have to repay can be limited depending on your income and family size.

You want to make sure all the numbers are input accurately and if you collected unemployment at any time in 2021, report that on your tax return as well as that can greatly impact the calculation.