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posted Mar 12, 2021 7:48:47 AM

obamacare subsidy payback

I turned 65  on 2-16-2020. My medicare started 2-1-2020.  I did not cancel Obamacare on 2-1-2020 as apparently I was supposed to and finally cancelled it on 2-29-2020.  I was under the impression after talking to the agent at the Obamacare Insurance agency (and reading several places) that I would have to repay the February subsidy.  I just completed my taxes on Turbotax Premier and I cannot find anywhere I am supposed to enter the repayment.

My form 1095-a lists 2-29-2020 as the coverage termination date.

Does anyone know if I am supposed to repay this and if so, where would I repay it.

Thank You

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1 Replies
Expert Alumni
Mar 12, 2021 8:18:47 AM

If you have to repay part of your Premium Tax Credit, it would be part of your refund or amount due. TurboTax automatically calculates it for you. Below is the flow:

  1. The amount is calculated on Form 8962 Premium Tax Credit (PTC), Part III.
  2. The Part III amounts gets carried to Schedule 2 (Form 1040) Additional Taxes, line 2, Excess advance premium tax credit repayment.
  3. The Schedule 2 amount gets carried to Form 1040, line 17.

You qualify for the Premium Tax Credit if:

  • Your health insurance plan is purchased through Healthcare.gov or a state Marketplace
  • Your household income falls between 100% and 400% of the federal poverty level for your household size
  • You don't file as Married Filing Separately (with exceptions for victims of domestic abuse and spousal abandonment)
  • You can't be claimed as a dependent by another person