Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
jessebritt44
New Member

My salary in 2016 changed after I had already chosen my health insurance plan. How do I mention that when filing my taxes?

A large deduction was taken from my estimated Federal Tax Return because I made more money than specified on my health plan. However, my salary changed several months after my health plan went into effect. Is there any way I can not have such a large deduction taken?
1 Best answer

Accepted Solutions
ThomasM
New Member

My salary in 2016 changed after I had already chosen my health insurance plan. How do I mention that when filing my taxes?

Unfortunately, no.  The way the ACA works, you estimate your salary when you sign up, and based on that estimate you receive a certain amount in subsidy (those who qualify).  Then, at tax time, the estimate is compared to your actual salary received.  If the estimate was too low -- regardless of the reasons -- then you'll owe some or all of that subsidy back.  If the estimate was too high -- regardless off the reasons -- then you'll receive an additional credit amount on your tax return.

View solution in original post

2 Replies
TaxGuyBill
Level 9

My salary in 2016 changed after I had already chosen my health insurance plan. How do I mention that when filing my taxes?

For the future, you are supposed to report income (and family size) changes immediately to the the Healthcare Marketplace so they can adjust your Advance credit that you are receiving.
ThomasM
New Member

My salary in 2016 changed after I had already chosen my health insurance plan. How do I mention that when filing my taxes?

Unfortunately, no.  The way the ACA works, you estimate your salary when you sign up, and based on that estimate you receive a certain amount in subsidy (those who qualify).  Then, at tax time, the estimate is compared to your actual salary received.  If the estimate was too low -- regardless of the reasons -- then you'll owe some or all of that subsidy back.  If the estimate was too high -- regardless off the reasons -- then you'll receive an additional credit amount on your tax return.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v