I claimed 2 children as dependents in 2018. When doing my taxes no longer qualify (no more school). I now have to repay my Obamacare subsidy. Do I have any options
How do i repay the subsidy
How do i repay the subsidy
You can choose to prorate the amounts with the taxpayers who are no longer on your return. You don't have to take the entire 100% yourself. You can each take 33% or however else you choose to split it up. It is between you. See the screenshots below.
If you do elect to take the entire 100%, you can get on an Installment Agreement with the IRS.
The best thing you can do is pay it before April 15 this year. If you can't you can fill out Form 9465 Installment Agreement Request. You will be liable for penalties and interest.
Understand your agreement & avoid default
For complete information, see https://www.irs.gov/individuals/payment-plans-installment-agreements.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.