Marketplace Healthcare benefits received but was unemployed

[Dwayne8]

At the beginning of 2024, I called the Healthcare Marketplace asking what to provide as my current income, as I didn't have a job at the time but was anticipating starting one. They told me to enter the amount I expected to make. As a result of the number I provided, I owed 0$. However, due to not receiving the job and being in school full-time  and other life complications, I ended up unemployed. I forgot to go back and update the Marketplace with the change in income, and I received the full credit for the whole year.

Now, after doing my research, anyone that makes less than 100% of the federal poverty line , which I made much less than - is not eligible for the credit. Does that mean I have to pay it back? 

[Vanessa A]

No.  You do not have to pay it back if you expected to be eligible for the 2024 tax year, however, you do need to still file a return because you have the Marketplace insurance and include your form 1095-A even though you have no other income. 

You also do need to make the corrective changes with the marketplace as soon as possible if your situation has not changed.

If a consumer’s actual household income is below 100 percent of the FPL, the consumer may still be able to claim the premium tax credit at tax time if they were enrolled in a Marketplace plan with APTC and expected a household income equal to or above 100 percent of the FPL when the consumer initially enrolled in the plan and did not intentionally misrepresent their income to the Marketplace. However, for the next plan year, the individual will not be eligible for APTC if their household income for the next plan year is expected to remain below 100 percent of the FPL. Advanced Payments of the Premium Tax Credit.