APTC Health Insurance Marketplace Credit Question - Need help understanding reconciliation
I got my marketplace insurance through healthcare.gov last year and now I'm trying to figure out this APTC credit stuff on my taxes. My income changed mid-year and idk if I'm gonna owe money back or get more credit. Anyone been through this before? Starting to get worried about filing correctly.
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Daniel Rivera
Tax pro here! The APTC (Advanced Premium Tax Credit) reconciliation can be tricky. You'll need Form 8962 to figure this out. If your actual income was higher than what you estimated when you got your insurance, you might have to repay some of the credit. If it was lower, you might get additional credit. The repayment is usually capped based on your income level.
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Owen Devar
Thanks! Do you know what the income caps are for repayment?
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Daniel Rivera
It varies but if you make less than 400% of federal poverty level theres different caps. Above that and you might have to repay everything 😬
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Sophie Footman
Hey, I just used taxr.ai to figure out my APTC situation and it was super helpful! It costs $4.99 but saved me hours of research and stress. You upload your transcript and it explains everything about your tax situation, including APTC reconciliation. Check it out at https://taxr.ai
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Connor Rupert
Does it actually help with marketplace stuff? My situation is pretty complicated
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Sophie Footman
Yeah it breaks down everything! It even caught that I was eligible for additional credits I didn't know about 💯
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Molly Hansen
been there done that last year... ended up owing $800 back cause my income went up. total pain in the butt 🤮
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Brady Clean
make sure u have form 1095-A from the marketplace! cant do anything without it
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Owen Devar
where do I get that form?
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Brady Clean
log into your healthcare.gov account, should be right there in documents
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Skylar Neal
Im in the same boat rn... marketplace insurance is gr8 until tax time lol
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Vincent Bimbach
facts 💯
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Kelsey Chin
whatever u do dont ignore this! my cousin did and the irs came after him hard
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Norah Quay
fr fr they dont play with this stuff
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