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    Premium Tax Credit

    cjdykeman
    Level 2
    ‎04-07-2023 08:09 PM

    If a client had a premium tax credit in 2021 for assitance in 2022 and made less (self employed actually showed a loss) why would they have to pay back the entire tax credit for 2022?  We are tax preparers NOT insurance agents, really?  When I put in their 1095A taxes went up over $6K.  Something is wrong or I'm not understanding.  

    This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion

    2 Comments 2
    sjrcpa
    Level 15
    ‎04-07-2023 09:53 PM

    Work through the 8962 yourself to see if it is correct or if you made an error.


    The more I know the more I don’t know.
    abctax55
    Level 15
    ‎04-08-2023 02:01 AM

    Sounds like your client didn't inform the Exchange of the correct income figures, for 'either' year.  That is what the subsidy is based on, then the reconciliation is done on the return.  

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