I was unemployed from 11/2018 to 3/2019. I got Obama care while my only income was unemployment benefits. I got a job end of March but my employer offers insurance after 60 days of employment. My new salary will be $75000/yr. I plan to keep Obamacare until I can get my new work insurance. Will I get penalised by the IRS and have to return the premium credits I received the first 3 months of the year the I was unemployed? What happens during the months that I am employees but with no company insurance?
You'll need to sign in or create an account to connect with an expert.
You will not be penalized but you will have to repay the advance premium that you received as the premium tax credit is calculated based on your full year's income. If you wish to keep Obamacare while waiting to have health insurance through your employer, you should call the Marketplace to notify them of your new income so that they can adjust the advance premium.
You will not be penalized but you will have to repay the advance premium that you received as the premium tax credit is calculated based on your full year's income. If you wish to keep Obamacare while waiting to have health insurance through your employer, you should call the Marketplace to notify them of your new income so that they can adjust the advance premium.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
scotttiger
Level 4
rubies1018
New Member
msdlc77
New Member
DaedalusReturned
New Member
blakeedwards-nc-
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.