I overestimated my income for obamacare, shouldn't I get a PTC refund?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I overestimated my income for obamacare and I paid my obamacare premiums in full, received no PTC.

TT indicates on the 8962 for that my % of FPL is 377%. As a results, shouldn't I get a small PTC refund when I reconcile this in my tax return? TT indicates I do not quality for PTC, 0 amount allowed.

I should add this info...I retired in 2017. I had company insurance through May, 2017. I signed up for obamacare for June - December and paid full premium cost for that. My final year-end income was lower than I thought, and put me in what I thought now should be eligible for PTC cause of the calculated FPL of 377%.

TurboTax Premier Windows

K

kprice3

Unfortunately, it calculates based on your average annual income, and does not take into account that your income dropped in the middle of the year. However, double check and make sure you entered the information correctly from your 1095-A. You should have nothing entered for January through May on your 8962.

J

Jan1954Author

Employee

I entered the 1095-A info correctly.
The 8962 TT generated has the correct data as I entered in for the 1095-A except it added a value for all months in 12C - 23C (for monthly contribution).  The C column amount it added is less that the June - December A premium column I paid.
I'm a little confused with your answer.  The total income I received for the year is within the income level that is eligible for PTC.  If my total income is divided by month, wouldn't that still keep me within the PTC eligible level?