my taxes due almost dbld after putting my 1095A info in why? Pennie.com is the marketplace and is calculated on my income.
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?
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.