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February 26, 2020
Question

Can I get credit for my health insurance I had all year through Obama and child credit since I haven't worked I'm on disability

  • February 26, 2020
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February 26, 2020

Enter the information in TurboTax to see if you qualify. TurboTax will calculate any Premium Tax Credit after you enter your Form 1095-A

  • If you chose to receive the tax credit in advance (to reduce the cost of insurance), it will be subtracted from the credit calculated on your tax return. If it turns out that the credit you received in advance was less than you were eligible for, it will be added to your tax refund, or it may reduce any tax you owe. It’s also possible that you received more of a credit than you deserved (if your income goes up during the year, for example). In this case, you’d have to “pay back” the over-payment in your tax return.
  • If you chose to get your credit at the time of tax filing, you claim the full calculated amount which increases your refund or lowers the tax you owe.

If all your income was nontaxable Social Security, you won’t have a tax liability to apply the nonrefundable Child Tax Credit to.

  • To qualify for the Additional Child Tax Credit, you must have earned income. If Social Security was your only income, you aren’t eligible to claim this refundable credit.

 

Sources: SweetieJean and TurboTax article

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