Do I Need to Reapply for Affordability Exemption?

You must reapply for the affordability exemption at least annually to qualify for this exemption for that year. The definition of “affordable” has changed from 2015 to 2017 and may change again in the future. In 2017, if your lowest cost minimal essential coverage you are eligible for (whether employer-based or Marketplace) which costs more than 8.13% of the household income is eligible for this exemption. You can claim it on the 8965 – Exemptions form, but you’ll need to get this exemption through the marketplaces.

Can I Qualify For ObamaCare with SSD?

Social Security Disability (SSD) counts as income for getting cost assistance on the Marketplace. If your household income is between 100% – 400% of the Federal Poverty Level then you can get cost assistance.

Tax Credits and Changes to Income

Tax credits are based on annual household income, not monthly income. If projected annual income changes you can adjust cost assistance to avoid repayment. Quick Facts on Cost Assistance and Changes to Income There are three important things to understand about cost assistance and changes to income: Marketplace cost assistance is based on projected annual household income,…

Why Do I Owe the ObamaCare Penalty?

Generally someone owes the penalty if they didn’t have coverage or an exemption for a month, however they can also owe money back if they owe back premium tax credits due to making more income

Do I Owe Back Tax Credits if I Lose Income?

Generally you can only owe back tax credits if you gain income, not if you lose income. So if you go from Marketplace to Medicaid and claim under 100% of the Federal Poverty level you’ll owe back nothing.

Total Household Income on Form 8962

Dependent’s AGI is something to keep in mind when claiming credits on form 8962, a dependent can throw off household income and really mess with repayments and tax refunds.

Can I Retroactively Get HealthCare Subsidies?

If you have a Marketplace health plan you can retroactively get subsidies, if your income fluctuates consider taking only partial credits upfront or none at all, also if you get a Silver plan you can adjust cost sharing amounts throughout the year at no extra cost.

Can I Get Help For Withheld Tax Refund?

All the best information we have about 1095-A’s discusses how to get the form filed, at that point it’s up to the IRS. We can only imagine they are working hard to get everything flowing smoothly. You can always call them to follow-up or get assistance from TAS (tax payer advocate services).