Question

Husband retired, had Healthcare Marketplace 8 months. We had extra income after the HCM policy was cancelled. Shouldn't the income be prorated accordingly on form 8962?

Forum|Forum|3 years ago
January 30, 2023
1 reply
0 views

Since the income occurred after the Marketplace policy was cancelled, we shouldn't have such a large amount to pay.

TurboTax Deluxe Online

The balance due that is received for the 1095-A is from advancements in the premium tax credit. An estimation of your expected yearly income calculates the credit. When you file your taxes, and it is determined that you used more than your annual income allowed, you'll need to repay the difference when filing your 1040 return.

Changes in income can affect the credit that is available to claim.

For more information on the premium tax credit, see the link below:

Premium Tax Credit

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