You'll need to sign in or create an account to connect with an expert.
No. The Premium Tax Credit is based on an income minimum and maximum limitation. So you can make too much, or too little to qualify for the entire Premium Credit.
From the IRS Publication link below: To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line. Remember that simply meeting the income requirements does not mean you’re eligible for the premium tax credit. You must also meet the other eligibility criteria.
So your income probably dropped below the minimum so you no longer qualified for the full Credit and have to pay a portion of it back.
Eligibility for the Premium Tax Credit.
What is the 2020 federal poverty limit at 400%? I've searched the government sites, I've found $68,960 and $67,640 don't know which is correct. In another response on Turbo Tax a reply said $68,960 but is wasn't listed as a Turbo Tax expert.
400% of the FPL for a family of 2 is $68,960.
Please see this government webpage.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
yaboitwit13
New Member
rockwellkgirl
New Member
athe478664
New Member
stacylgr
New Member
marcush123
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.