We used Obama care for the first 8 months of the year and then my wife got a job and we used her insurance instead. My accountant says that now we owe money back because we made too much. Why should it matter what my wife made the last 4 months of the year because it had nothing to do with Obamacare. Shouldn’t it be based on what we earned the first 8 months because that was when we were using it?
Your cost assistance is based on your projected Modified Gross Adjusted Income (MAGI) for the entire year. If you accept health insurance subsidies from the federal government based on your estimation of what your MAGI will be but end up making more than reported, you will have to pay back part or all of the subsidies you received.