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meganu66
New Member

I owe an excess premium tax credit of $1150 because I made more than I expected. Does TurboTax automatically take it out of my return or do I need to pay it separately?

I received advance tax credits for health insurance through covered CA but now it says I owe some of it back. If I filled online is it already taken out? 

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I owe an excess premium tax credit of $1150 because I made more than I expected. Does TurboTax automatically take it out of my return or do I need to pay it separately?

It is already accounted for on your tax return.  So your refund was already reduced by the amount of your repayment.

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2 Replies
Carl
Level 15

I owe an excess premium tax credit of $1150 because I made more than I expected. Does TurboTax automatically take it out of my return or do I need to pay it separately?

When you owe taxes, it's up to you to pay them directly to the taxing authority. TurboTax does not act as an intermediary for anyone under any circumstances. There are no exceptions. You can pay your federal tax liability at <a rel="nofollow" target="_blank" href="http://www.irs.gov/payments">www.irs.gov/payments</a>. If you owe state taxes, then you'll have to check your state's website to see what payment methods are available to you. Not all states offer the ability to pay online.

I owe an excess premium tax credit of $1150 because I made more than I expected. Does TurboTax automatically take it out of my return or do I need to pay it separately?

It is already accounted for on your tax return.  So your refund was already reduced by the amount of your repayment.

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