I underestimate my income to marketplace. What are the options?

[JZ1]

My parents applied Covered California with me as the dependent. But we just realized I can’t be the dependent anymore and I will be filing tax separately this year. We underestimate our household income in the beginning cuz I have done lots of OT throughout the year and I didn’t realized I should report to marketplace since income increased . Right now my parents are on the 250% FPL and I am over 400% FPL. We received advance premium tax credit and only pay little every month. Since I underestimate my income, I assume I will have to pay a lot PTC back.. I am wondering what are the options I have? And can I put 100% allocation to my parents and 0 for me so I pay less PTC back? Not sure if I am making sense. I am also willing to put money into HSA and IRA to lower the repayment. Any help is appreciated! Thank you very much 

[MichaelL1]

Contributing to your IRA Might Help You Avoid Having to Repay Your Premium Subsidy

It's also important to understand that "income" means Modified Adjusted Gross Income (MAGI) and the calculation for that is specific to the ACA—it's not the same as general MAGI calculations that are used for other tax purposes. So if it's looking like your income is going to be higher than you anticipated, know that a contribution to a traditional IRA (and/or an HSA if you have HSA-qualified health insurance) will reduce your MAGI and help you avoid having to pay back your premium subsidy.

The source of this article is:  https://www.verywellhealth.com/health-insurance-subsidy-could-cost-you-1738407

[JZ1]

Hi, thank you for getting back to me. I have a few more questions to bother. My name is on the 1090A with my parents’s name on it. Do we have to file separate 8962 form? And the estimate on health care was based on household of 3, should FPL on 8962 form base on that or I should have my own FPL (household of 1) and my parents will have their own FPL(household of 2) on the form ? I am trying to see how they calculate how much I owed/underpaid. Also is Allocation benefit us on this Scenario?

[JZ1]

@TurboTaxMichaelL1

[MichaelL1]

Could yet please post this part as new question, so some with more expertise in this area can help.  Thank you