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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
I was unemployed last year in a state with no medicaid expansion (FL), so I had to purchase full Obamacare coverage.
I ended up cashing out my 401k which gave me enough income to fall within the creditable range (between 138% and 400% FPL).
TurboTax says my advance premium credit of $0 was correct.
Is this right? Shouldn't I be able to adjust the premium credit upward now?
I ended up cashing out my 401k which gave me enough income to fall within the creditable range (between 138% and 400% FPL).
TurboTax says my advance premium credit of $0 was correct.
Is this right? Shouldn't I be able to adjust the premium credit upward now?
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posted
June 4, 2019
3:56 PM
last updated
June 04, 2019
3:56 PM
6 Replies
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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
Income is just one part of the qualification.
What is Line 5 of Form 8962 (you may need to pay for your return before you can see that Form)?
What is on Line 8a and 8b of Form 8962?
What is in column B on Lines 11-23 on Form 8962?
Are you Married Filing Separately?
Can anybody claim you as a dependent?
What is Line 5 of Form 8962 (you may need to pay for your return before you can see that Form)?
What is on Line 8a and 8b of Form 8962?
What is in column B on Lines 11-23 on Form 8962?
Are you Married Filing Separately?
Can anybody claim you as a dependent?
June 4, 2019
3:56 PM
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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
Looking at TurboTax's filled out 8962, I've got these values:
Line 5 is 273%
Column B is 0 for line 11, then blank all the way down (column B of Part 3 of my 1095a is also blank. why is this?)
I'm single and no one can claim me as a dependent
Line 5 is 273%
Column B is 0 for line 11, then blank all the way down (column B of Part 3 of my 1095a is also blank. why is this?)
I'm single and no one can claim me as a dependent
June 4, 2019
3:56 PM
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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
Oops, just realized I forgot these:
Line 8a is 2799
Line 8b is 233
Line 8a is 2799
Line 8b is 233
June 4, 2019
3:56 PM
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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
Hmm. Is it okay if I use the healthcare.gov tax tool to calculate the correct SLCSP, then edit the 1095a with those values?
June 4, 2019
3:56 PM
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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
Answering myself: yes, it looks like that's correct. TurboTax also has guidance to this effect, but I didn't see it the first time around because I used the upload tool to add my 1095a and this advice only shows up when you manually enter the values.
TurboTax says this:
If the total in column B, row 33 of your 1095-A is zero, it's because either:
• You qualified for a tax credit discount and chose not to get it in advance.
• You didn't qualify for a tax credit discount when you enrolled.
...
If you qualified for a tax credit and chose not to get it in advance, you need to enter the monthly premium amounts of the second lowest cost silver plan (SLCSP) for 2015 so that we can calculate the premium tax credit that you deserve on your 2015 taxes. To find out what the monthly premium amounts would have been for the SLCSP in your area for your household, use the tax tools on Healthcare.gov or contact your Marketplace at 1-800-318-2596.
So I'm going to use the tool to calculate the correct values and enter them in the 1095a.
Thanks for pointing me to the right forms, Bill! Once I started looking at the actual calculations, things got a lot clearer.
TurboTax says this:
If the total in column B, row 33 of your 1095-A is zero, it's because either:
• You qualified for a tax credit discount and chose not to get it in advance.
• You didn't qualify for a tax credit discount when you enrolled.
...
If you qualified for a tax credit and chose not to get it in advance, you need to enter the monthly premium amounts of the second lowest cost silver plan (SLCSP) for 2015 so that we can calculate the premium tax credit that you deserve on your 2015 taxes. To find out what the monthly premium amounts would have been for the SLCSP in your area for your household, use the tax tools on Healthcare.gov or contact your Marketplace at 1-800-318-2596.
So I'm going to use the tool to calculate the correct values and enter them in the 1095a.
Thanks for pointing me to the right forms, Bill! Once I started looking at the actual calculations, things got a lot clearer.
June 4, 2019
3:56 PM
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I overpaid Obamacare (claimed zero advance tax credit), but my income should fall within the range to receive a credit. Shouldn't I be able to claim some money?
I'm glad you figured it out. If you haven't found it already, here is the lookup tool:
<a rel="nofollow" target="_blank" href="https://www.healthcare.gov/tax-tool/">https://www.healthcare.gov/tax-tool/</a>
<a rel="nofollow" target="_blank" href="https://www.healthcare.gov/tax-tool/">https://www.healthcare.gov/tax-tool/</a>
June 4, 2019
3:56 PM
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