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January 30, 2022
Question

After 2020 return filed, The IRS refunded the money I paid for reconciliating my Obama Care Credits because of income change

  • January 30, 2022
  • 1 reply
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After 2020 return filed, The IRS refunded the money I paid for reconciliating my Obama Care Credits because of income change. I filed, and paid accordingly. The out of the blue, we received a check. We did some research to find out that if you qualified for ObamaCare and your income changed to where you were not qualified to receive the credits, you did not have to repay. Thus we recieved a refund. In TurboTax my tax filing does not reflect the refund. Is there nything I should do?

    1 reply

    January 30, 2022

    According to the IRS, you don't need to file an amended return or take any other action. The additional Premium Tax Credit refunded to you is not taxable income. 

     

    See IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit

     

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