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Level 1

Obamacare for tax year 2020

I have Obamacare Health Insurance. If I cancel my policy will I have to pay back the subsidies I have used?

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Employee Tax & Finance Expert

Obamacare for tax year 2020

Not necessarily. At the beginning of 2021, you will receive form 1095-A which you ust report on your 2020 tax return. Whether you have repay the Advance premium tax credit (APTC) depends on your 2020 Adjusted Gross Income (AGI).

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