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I made more this year because of a new job would that effort my taxes

When I apply for health care last year and my gross income that I told them, I made more then I told them because I switch job will that hurt me this year on taxes.
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I made more this year because of a new job would that effort my taxes

The increase in expected income can effect your taxes in several ways.  If you received Advanced premium tax credits, then you may have to pay some if it back.  You may also be in a higher tax bracket; have your ability to take deductions and/or credits changed. The best way to see everything is to fill out your return in its entirety and then print it out to see all of the moving parts.

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8 Replies
BobB7
New Member

I made more this year because of a new job would that effort my taxes

Did you get your insurance through "the exchange"?

I made more this year because of a new job would that effort my taxes

Yes
BobB7
New Member

I made more this year because of a new job would that effort my taxes

sampsonmines' answer pretty much covers the waterfront. It certainly will impact your premium credits as well as increasing your income tax. If it puts you above a limit amount then it eliminates the premium credits and would require that you repay any advance credits.

I made more this year because of a new job would that effort my taxes

How can I help myself for next years taxes. So I don't owe again.
BobB7
New Member

I made more this year because of a new job would that effort my taxes

Either make a conservative estimate of your income for the exchange or don't have them apply an advance premium credit, just wait and see how much of a credit you receive when you file your taxes.

I made more this year because of a new job would that effort my taxes

Thanks you for that info I appreciate that a lot.
BobB7
New Member

I made more this year because of a new job would that effort my taxes

You're quite welcome.

I made more this year because of a new job would that effort my taxes

The increase in expected income can effect your taxes in several ways.  If you received Advanced premium tax credits, then you may have to pay some if it back.  You may also be in a higher tax bracket; have your ability to take deductions and/or credits changed. The best way to see everything is to fill out your return in its entirety and then print it out to see all of the moving parts.

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