Will I Owe Money I Transition to Employer Coverage?
I signed up for Obamacare after my unemployment ran out and my health insurance (cobra) was nearing its end. I then got a job and got health insurance.
Because I had Signed up for Obama care earlier will I have to worry about a penalty?
My housemate also signed up for Obama care and has used it. He can only get a part time job (less than 3 or 4 thousand a year). Because I now have a job, do I have to penalized on my taxes because of him?
Answer
If you had a Marketplace plan with cost assistance, then transitioned to employer based coverage, you'll only owe money if:
1) You went for more than 3 consecutive months without coverage
2) You got more tax credits than you will end up being owed based on your Modified AGI at the end of the year.
Unless you file with your housemate their income won't be counted with yours. They should see what cost assistance they qualify for and what insurance they have as well.