Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jan 14, 2023 6:43:23 PM

Incorrect Calculation of Health Premium Tax Credit in TurboTax

In November 2021 I used HealthCare.Gov to sign up for Health Insurance in 2022 and I was told I was eligible for a premium tax credit of $4308 ($359/month) based on my estimated income for 2022.  I only under estimated my income by $19 since I forgot to include interest earnings so my estimate was quite accurate to what my 2022 AGI really is (I am a retiree with consistent monthly income).  When I entered the Form 1095-A data in TurboTax it took away my $4308 premium tax credit and said the credit was zero instead.  Why would the TurboTax calculations not correspond to what HealthCare-Gov is allowing for the premium tax credit?

0 2 603
2 Replies
Level 15
Jan 15, 2023 6:56:41 AM
Level 1
Jan 22, 2023 5:41:59 PM

I downloaded the latest software update and the problem has now been fixed.  Instead of reducing the credit by $4308 it only reduced it by $10 which is what I calculated when I manually filled out Form 8962.