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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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To much income. Now we have to pay back 10 months of medical

Customer Question

To much income for 2015. Now we have to pay back 10 months of medical for my wife from Obamacare. Over $6000.00 on income taxes. Any recourse.
Submitted: 4 months ago.
Category: Tax
Expert:  Lev replied 4 months ago.

Unfortunately - no recourse...
The only for your advantage - you will not pay penalty for that overpayment.
Whatever you claimed was an ADVANCE Premium Tax Credit (PTC)
But PTC eligibility is determined on the tax return - so if overpaid - that amount must be paid back.

Sorry if you expected differently.

Expert:  Lev replied 4 months ago.

When you complete your tax return, you will figure your credit and compare it to the amount of APTC on Form 8962. If your actual allowable credit on your return is less than your APTC , the difference, subject to certain repayment caps, will be subtracted from your refund or added to your balance due. If your actual allowable credit is more than your APTC , the difference will be added to your refund or subtracted from your balance due.


Normally, taxpayers may owe certain penalties for late payments or underpayment of estimated tax. However, to help smooth the process for the first year of the Affordable Care Act, the IRS will waive these penalties for eligible taxpayers if they resulted from repayment of excess advance payments of the premium tax credit.

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