Last year I helped a good bit of people sign up for coverage through the marketplace. It came to my attention this year, as I talked to them again, that a few actually had lower incomes than they expected. Such as, people who were self employed but business wasn’t as good, or they got fired or laid off from work and actually came out making too little to have qualified them.
I told them life can be tricky and a lot if not most forgot to call and make an update to their new situation.
Read in an article on here that if you indeed make too little, but signed up anyway thinking you would make the amount, that the repayment amounts would start at $300 and go up depending on income.
This would be great news for them but I have never seen this and wanted to know where you guys got this information.
Is it in the Affordable Care Act language?
Also the tax preparers that I have spoke to. All but 2, seem out of touch with filing the 1095-A forms. The other form 8962 or the form you also fill out seem to sound foreign to them. Could you get back to me as soon as possible.
If you got too many or too few tax credits in Advance, then you'll file the Premium Tax Credit form 8962 and adjust your credits. If your income was lower than expected you'll be owed a refund. If your income was higher you'll owe back credits up to the repayment limit for your income level.
The repayment amounts can be found in the 8962 instructions (click the link below). Here they are for quick reference:
Line 28. Repayment Limitation. The amount is limited to certain amounts insuring you can’t owe more than you can afford.
Less than 200% FPL ………………………….. $300 single, $600 any other filing status
At least 200% FPL but less than 300% … $750 single, $1,500 any other filing status
At least 300% FPL but less than 400% … $1,250 single, $2,500 any other filing status
Learn all about the PTC form 8962 here.
The 8965 form is for exemptions and the 1095-A form is filed by the Marketplace to show how much cost assistance a person got and what months they had coverage. Both forms may be helpful for filling out the PTC form, depending upon your situation.
Learn all about other ObamaCare Forms here.
And thank you for helping to make sure people are covered and informed. That is very cool of you.