How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

If I receive 1095 A, do I need to pay the taxes on that?

Customer Question

If I receive 1095 A, do I need to pay the taxes on that? When I filled up 8962, I ended up paying huge taxes. I am not sure if I am filing correct or wrong?
Submitted: 7 months ago.
Category: Tax
Expert:  Jonathan Tierney replied 7 months ago.
Hi, my name Jonathan and I can help. In order for me to help, I would need to see what is on your Form 8962 and 1095-A. You can upload redacted copies to my Dropbox folder or email them to me so the files will not be available to everyone on the site, though I can't provide you with my personal information without you accepting an additional service, which I will post an offer now.
Expert:  emc011075 replied 7 months ago.
Hi. My name is ***** ***** I will be happy to help you. It depends on amount of credit you received in advance (line 33, column C) and how much credit you qualify for based on your actual income. When you applied to the market place insurance you were asked to estimate you annual income. If you underestimated your income or your situation changed (you got divorced or lost a dependent) yes it is possible that you will have to repay some or all of the credit.
Expert:  emc011075 replied 7 months ago.
Here's an online estimator. It is for 2016 but if you use your 2015 annual income it should give you a pretty good idea how much of credit you were eligible for. Compare it to the credit your received (line 33, column C on your 1095A) and the difference will be amount of credit you will have to repay in form of additional tax. http://kff.org/interactive/subsidy-calculator/

Related Tax Questions