3162294
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jo2197
New Member

Why after putting in my 1095A do i owe more taxes?

my taxes due almost dbld after putting my 1095A info in why? Pennie.com is the marketplace and is calculated on my income.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Why after putting in my 1095A do i owe more taxes?

When you enrolled in the plan, you estimated the amount of your yearly income.  That amount was used to calculate your premium tax credit.   Did you end up making a higher income than the income you said you would receive?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Cynthiad66
Expert Alumni

Why after putting in my 1095A do i owe more taxes?

The amount owed increased because your actual income was most likely higher than estimated at the time of the insurance application.

 

The APTC paid on your behalf during the year was based on the annual income you estimated you would earn when you signed up for Marketplace coverage.  Now, you must file a federal income tax return to compute your actual income for that coverage year.  You will have to include Form 8962 (TurboTax automatically prepares this form) with your return.    

 

If your actual income was lower than what you estimated, you are eligible for a larger premium tax credit and can claim the difference as a refund when you file your tax return.  If your income was higher than what you estimated, you are eligible for less premium tax credit and might have to pay back some or all of the difference when you file your return.

 

For more information please click on this link:  Health Insurance and Your Return

Instructions for form 8962 will help you calculate how the APTC compares to the amount of premium tax credit you were eligible for.

 

@jo2197 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question