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cjdykeman
Level 3
April 8, 2023

Premium Tax Credit

  • April 8, 2023
  • 2 replies
  • 5 views

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.  

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      2 replies

      sjrcpa
      sjrcpa
      Level 15
      April 8, 2023

      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
        abctax55
        Level 15
        April 8, 2023

        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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