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apulliam
New Member

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

 
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6 Replies

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

Where do you see the $47,520? On a screen? On a form? On a worksheet? In a Learn More box? We at AnswerXchange cannot see your return nor the screen you are on, so unless you tell us exactly where you see this, we have no way to know where it is.

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

healthcare.gov is probably showing 2019 amounts, (since this is 2019)
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
apulliam
New Member

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

On the 'What is this Credit' help screen. How are my premium tax credit amounts calculated?
This new tax credit works differently than most. The premium tax credit was available immediately when you enrolled in a plan through the Marketplace. It worked like a discount so you could get help paying for coverage throughout the year rather than having to wait until you filed your 2018 taxes. Payments of the premium tax credit went directly to the insurance company to pay a share of the monthly health insurance premiums charged to you. The amount was calculated based on what you estimated your 2018 income would be, along with how many people your plan needed to cover and where you lived.

Now that you're reporting your actual 2018 income, ZIP code, and family size, we used this info to calculate the discount you should've received throughout the year, and made the necessary adjustment. You may get more of a credit (this happens if you made less money than you estimated when you applied) or have to pay some of it back (this happens if you made more money than you estimated when you applied), but there are limits on how much you have to pay back.

What's the maximum I'll have to pay back if I file as single?
If you're a single filer and your 2018 income...
- was less than $23,760 you won't pay back more than $300.
- fell between $23,760 and $35,550, you won't pay back more than $750.
- fell between $35,550 and $47,520, you won't pay back more than $1,275
- was more than $47,520, you will have to pay back all of any premium tax credit you received in advance.
apulliam
New Member

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

That amount appears to be both 2018 and 2019

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

Thank you for pointing this out. It looks like the Learn More text was not updated properly. I have reported this (but don't expect us to get to it before April 15th). P.S. I have no reason to believe that the program is wrong, just the text.

Why is the Obama Care income limit in Turbo Tax, $47,520, less than $48,560 that is posted on the Healthcare.gov and other sites?

This issue arises when the taxpayer has to repay some of the Premium Tax Credit (PTC) advanced by the government during the year. When this happens, on the screen in the Health Insurance interview headed "Looks like you have to pay back some of the credit", there is a link for "What is this credit and how is it calculated?" near the bottom.

Clicking on this link opens a large text box with the information quoted above in the comments.

This information appears to not have been updated correctly for 2018.

Please see the TurboTax FAQ at https://turbotax.intuit.com/tax-tips/health-care/what-is-the-premium-tax-credit/L6gAHB5ld for more up-to-date information.


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