Income Rules For Partial Year ObamaCare Coverage

I will be on medicare for the full 2018 year but my wife will be on Obamacare for Jan and Feb and then go on medicare. Are the income rules the same for such a short period of time for the Obamacare coverage?

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Andy

I had Obama care coverage from Jan-Aug 2020. My wife was unemployed until Aug and we went on her group insurance in Sept. When I did my taxes, I now owe money because they say my income was too high and that I didn’t pay enough for the Obama care. What can I do?

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ObamaCareFacts.com

If it was that your income after august pushed you over the limit, then what you do is simply repay up to the repayment limit. https://obamacarefacts.com/advanced-tax-credit-repayment-limits/

If it isn’t that, maybe double-check your math on form 8692 and see what could have went wrong.

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pam

Is the income limit the same if I only had the insurance for 8 mouths of the year?

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ObamaCareFacts.com

Yes, income is based on your taxable income for the year minus certain deductions for ObamaCare assistance. So it is always annual income regardless of how long you had coverage.

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