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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
You only need to enter information for any period of time where you had Obamacare or Marketplace insurance. You will enter the information from Form 1095 A for this insurance. You should enter the information only for the months you were covered by an Obamacare or Marketplace insurance policy.
The 1095-B he received is for informational purposes only. You should keep with your tax papers. There is no information on the 1095 B that you will put into Turbo Tax.
Form 1095-B will be sent to you if your insurance provides what the Affordable Care Act calls "minimum essential coverage." It is your documentation that you were covered by insurance.
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
Has anyone experienced the reverse of this issue? I had a salaried job Jan.-March. I left and went part time so I was making much less and I used the marketplace for a policy April-Dec. I actually made less money than I estimated for the tax credits but after filing my 1095-A, it says I owe $800 back in tax credits because I made more money than I estimated since it is including my wages from Jan.-March. Can someone help?
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
What forms do you complete?
First of all, the people at the Marketplace, do not tell you anything. I asked them what the salary range was versus the credits so I did not get penalized. They said, oh don't worry, it's a big range. When I did my taxes on Turbo, it came up showing I owed about $8,000 to Federal Tax. That can not be right. How can they force this on a single person who made under $48,000, and how is the Marketplace calculating those credits every month. They never explained how it worked. I am so angry over this and will never use it again. All it does is benefit the government. I am hoping my tax accountant can figure out how to complete the 8952 form and does the calculations correctly. So if I took out the insurance in January 2019 and ended it on Oct 1, 2019, the income should only be up to Oct 1st, not the end of year.
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
Yes. I was receiving unemployment and had marketplace insurance from January to the middle of May, which was when I finally found gainful employment. I contacted the healthcare marketplace people and asked them to cancel my insurance. They cancelled my insurance mid-June. They even sent me a refund check shortly after for about $90. Now, I my return was deducted by $1100 because turbo tax says I owe the healthcare marketplace. I am glad that the insurance was available, but I hope I don't ever have to use this assistance again!
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What if I had the Marketplace insurance for half of the year, and then I got a promotion and had insurance through my work the rest of the year?
The calculation for the Premium Tax Credit on Form 8962 uses your income from the entire year, so it's not looking at just what you earned while you were on the plan.
If your total income exceeds what you estimated in your Marketplace application, you may need to repay some of your Advance Premium.
There is a limit to the amount you need to repay, though. Check the calculations on Form 8962.
Click this link for more info on Premium Tax Credit.
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