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If I owe money for my marketplace healthcare will my irs balance due reflect the deduction

 
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SabrinaD2
Expert Alumni

If I owe money for my marketplace healthcare will my irs balance due reflect the deduction

If you owe money for your Marketplace healthcare, it can affect your IRS balance due, but it depends on how you handle the deduction. Here are the key points:

 

  • Premium Tax Credit: If you received advance payments of the Premium Tax Credit (PTC) to help pay for your Marketplace health insurance, you need to reconcile these payments on Form 8962.
    •  If the advance payments were more than the actual credit, you may owe money.
  • TurboTax Handling: TurboTax will guide you through entering these deductions and credits.  - See link here to enter your Market Place form 1094-A.
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