Skip to main content
March 15, 2020
Question

Health Insurnce

  • March 15, 2020
  • 1 reply
  • 0 views

We got a 1095-A and when I enter all of the information it says we have to pay over $10,000 to the IRS.  My husband changed jobs and he made more money. What can we do so that we don't have to pay so much.

1 reply

March 15, 2020

When you sign up for a Premium Tax Credit through the marketplace, they include a notice that you should notify them if your income or anything else in your application changes, because the credit is based on the amount of money you estimated you would make.

 

Unfortunately, taxpayers get busy and often forget to advise them when changes do occur. 

 

The 1095-A is a way of reconciling those payments with the income so other than double-checking your entries, you may not be able to change anything there.

 

However, with that kind of tax bill, it might be wise to upgrade to the TurboTax LIVE product and have a CPA and or EA review your return, either in part, or the whole thing, through a Line by Line Review.  There may be something else on your return that you missed that might help.  

 

If nothing changes on your return, you can pay your taxes over time, using an installment agreement or consider a no or low-interest loan from an outside bank or other lenders.

 

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"