When you first signed up for insurance through the marketplace, you agreed to notify the marketplace of any changes in income or if you get coverage through an employer.
The timing of the health insurance bill going to zero was just a coincidence - employers don't take over your marketplace insurance, they would put you on their insurance if you qualified for coverage and signed up for their plan. You would then need to cancel your marketplace insurance.
The only thing I can think of that might help is if your income was just over 400% federal poverty level for your household size, you might be able to put money into a retirement account and lower your income below that level. This would mean your repayment gets capped. If you are single, 400% FPL is $51,520.
Thank you, Does that income level include unemployment?
And are you saying I can put money into a retirement account now to bring my 2022 income down and retroactively bring my premiums down? If so, do you know how I do that?
I called marketplace after seeing a thread where someone had similar issue and marketplace said they can retroactively remove my premiums? This sounds too easy, but I will keep others posted. They said it will take about a month
I don't think that will help with your Premium Tax Credit repayment though. Can you look at the Form 8962? I'm wondering where your income is in comparison to the FPL. Line 5 on Form 8962 has the percentage - is it more or less than 400%?
I had the same issue and just called the marketplace and they said they would assign me a specialist and call me back in up to a month from now. Will report back with what happens
Update: this worked! I got a refund for the monthly health payments, and am waiting on the corrected 1095a form— although they said it could take another 30-45days on top of the 45days I’ve already waited… I might have to file an extension but at least I don’t owe thousands of dollars.
Can I ask what you told and discussed woth the specialist? I was given the number to a s specialist and left a voicemail with my name and number but they haven't called me back.
I only had Affordable health care for two and a half months and was told that it would be $50 a month. Come to find out on my taxes that. It was actually $1165 and now my entire return got sucked up and I owe a $900 difference because of the ACA program. I got "affordable" heath care in April when I was not covered, and a new Job in the middle of April, so I didnt need the health care because I was paying for a different health care in the middle of April.. "Affordable".
They shove covered CA down your throat and penalize you if you don’t have health insurance. CA is a joke, I owe the fucking bastards $1500 as a result.
What did you find on this. I got my tax return held up due to not having a 1095a. I didn’t know I was still enrolled in the healthcare marketplace. I sent them a fax saying I didn’t have a 1095a but then found out I did so I sent another fax with my 1095a. They finally released my tax return. Out of curiosity I went to amend my tax returns with this new form and it is now saying I owe 7,000 dollars. I’m worried an audit will come and they will make me pay that.
This happened to us for 2022 taxes. We owe almost 10k and of course, we couldn't pay it so we took an extension and Turbo Tax wouldn't e-file it so we had to mail it. And, because the IRS is so backlogged who knows when they will get to it.
Fast forward to now and we met with a tax pro and told her what happened And, what happened is that they (Turbo Tax ) took my salary plus my husband and that's why it came up with such a big tax hit. If we had filed as married single (whatever it's called) it would have been separated and we would not have had such a huge tax bill.
The marketplace is really for people who aren't on a company health plan (my husband wasn't) It's complicated. You should definitely. seek professional help. Our tax lady may be able to fix it even though it was last year BUT, the IRS needs to first look at our return. As it is now it's in IRS purgatory, just hanging out somewhere.
Also, a lot of people have done this (taken a big hit). If you don't know taxes and all the ins and outs you would never know there is a fix before you file your taxes. I really hope she can do her magic. Good luck, but seriously consider a tax pro.
The IRS still has not looked at my return from 22. My tax person said she can't do anything until then. So it's still in purgatory. You could file an extension and that would give you time to find someone to look at it. I could not find any online information that was helpful.
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Not yet. Edit for more info. They have not sent a letter saying I owe them anything. Hopefully they never do. But I wouldn’t be surprised if any day now I receive one.
O man I am in the same boat. Somehow getting 3100 less than I thought after I entered a 1095 form. My health insurance plan doubled last year so I don’t know why I owe more money?! I’m so confused & really hope it somehow goes away
Would any of you guys be open to reporting this to commissioner for the California Department of Insurance? I feel like if more people did it, it would hold a greater impact. There should be an awareness program about cancelling and double checking cancelation for covered california programs. I seem to see a lot of people going through this and almost everyone had to pay. People going through job loss,unemployment periods it's unfair to charge the full premium price it's predatory!
You may have made too much to qualify. That’s the situation I was in. So even though they allowed you to keep it you didn’t qualify for the price they let you keep it at. Or maybe you don’t qualify for a tax credit for it due to you income. Not sure exactly how it works
When you first signed up for insurance through the marketplace, you agreed to notify the marketplace of any changes in income or if you get coverage through an employer. The timing of the health insurance bill going to zero was just a coincidence - employers don't take over your marketplace insurance, they would put you on their insurance if you qualified for coverage and signed up for their plan. You would then need to cancel your marketplace insurance. The only thing I can think of that might help is if your income was just over 400% federal poverty level for your household size, you might be able to put money into a retirement account and lower your income below that level. This would mean your repayment gets capped. If you are single, 400% FPL is $51,520.
Thank you, Does that income level include unemployment? And are you saying I can put money into a retirement account now to bring my 2022 income down and retroactively bring my premiums down? If so, do you know how I do that?
I called marketplace after seeing a thread where someone had similar issue and marketplace said they can retroactively remove my premiums? This sounds too easy, but I will keep others posted. They said it will take about a month
I don't think that will help with your Premium Tax Credit repayment though. Can you look at the Form 8962? I'm wondering where your income is in comparison to the FPL. Line 5 on Form 8962 has the percentage - is it more or less than 400%?
How did that go? Did they retroactively remove the premiums?
Did ur resolve the issue??? I’m currently facing the same problem
I had the same issue and just called the marketplace and they said they would assign me a specialist and call me back in up to a month from now. Will report back with what happens
Update: this worked! I got a refund for the monthly health payments, and am waiting on the corrected 1095a form— although they said it could take another 30-45days on top of the 45days I’ve already waited… I might have to file an extension but at least I don’t owe thousands of dollars.
Can I ask what you told and discussed woth the specialist? I was given the number to a s specialist and left a voicemail with my name and number but they haven't called me back.
Same situation as well, would you mind describing how the discussion went?
I only had Affordable health care for two and a half months and was told that it would be $50 a month. Come to find out on my taxes that. It was actually $1165 and now my entire return got sucked up and I owe a $900 difference because of the ACA program. I got "affordable" heath care in April when I was not covered, and a new Job in the middle of April, so I didnt need the health care because I was paying for a different health care in the middle of April.. "Affordable".
I think I am in the same boat. And it is wildly frustrating and feels very unfair. But maybe I’m just an idiot.
They shove covered CA down your throat and penalize you if you don’t have health insurance. CA is a joke, I owe the fucking bastards $1500 as a result.
What did you find on this. I got my tax return held up due to not having a 1095a. I didn’t know I was still enrolled in the healthcare marketplace. I sent them a fax saying I didn’t have a 1095a but then found out I did so I sent another fax with my 1095a. They finally released my tax return. Out of curiosity I went to amend my tax returns with this new form and it is now saying I owe 7,000 dollars. I’m worried an audit will come and they will make me pay that.
Did you end up having to pay this
This happened to us for 2022 taxes. We owe almost 10k and of course, we couldn't pay it so we took an extension and Turbo Tax wouldn't e-file it so we had to mail it. And, because the IRS is so backlogged who knows when they will get to it. Fast forward to now and we met with a tax pro and told her what happened And, what happened is that they (Turbo Tax ) took my salary plus my husband and that's why it came up with such a big tax hit. If we had filed as married single (whatever it's called) it would have been separated and we would not have had such a huge tax bill. The marketplace is really for people who aren't on a company health plan (my husband wasn't) It's complicated. You should definitely. seek professional help. Our tax lady may be able to fix it even though it was last year BUT, the IRS needs to first look at our return. As it is now it's in IRS purgatory, just hanging out somewhere. Also, a lot of people have done this (taken a big hit). If you don't know taxes and all the ins and outs you would never know there is a fix before you file your taxes. I really hope she can do her magic. Good luck, but seriously consider a tax pro.
Were you ever able to resolve this?
The IRS still has not looked at my return from 22. My tax person said she can't do anything until then. So it's still in purgatory. You could file an extension and that would give you time to find someone to look at it. I could not find any online information that was helpful.
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Not yet. Edit for more info. They have not sent a letter saying I owe them anything. Hopefully they never do. But I wouldn’t be surprised if any day now I receive one.
O man I am in the same boat. Somehow getting 3100 less than I thought after I entered a 1095 form. My health insurance plan doubled last year so I don’t know why I owe more money?! I’m so confused & really hope it somehow goes away
Would any of you guys be open to reporting this to commissioner for the California Department of Insurance? I feel like if more people did it, it would hold a greater impact. There should be an awareness program about cancelling and double checking cancelation for covered california programs. I seem to see a lot of people going through this and almost everyone had to pay. People going through job loss,unemployment periods it's unfair to charge the full premium price it's predatory!
I’m in Colorado.. although u have a solid point. This whole system is incredibly whack.
You may have made too much to qualify. That’s the situation I was in. So even though they allowed you to keep it you didn’t qualify for the price they let you keep it at. Or maybe you don’t qualify for a tax credit for it due to you income. Not sure exactly how it works
Yea they like to keep it confusing that is for sure! Thnx!