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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7152
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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When I signed up Care last year, I estimated my occasional

Customer Question

When I signed up for Obama Care last year, I estimated my occasional self employment 2015 income as 13,000. But I was sick and in and out of the hospital and did not work that much. I do not receive a 1099 or W2. I only made $2500 before expenses. I keep my own cash records. Will I have to pay back my tax credit for health care premiums? Using standard deductions for mileage and other expenses, how much will I pay for taxes? Will I qualify for the earned income credit? I want to be legal and pay taxes, but I don't want to be penalized for earning so little.
Submitted: 1 year ago.
Category: Finance
Expert:  Stephen G. replied 1 year ago.
You won't have any income taxes to pay, but if you have more than $400. in net income from self-employment you may have a small amount of self-employment tax, but that will be offset by the Earned Income Credit. I can't tell what the story is with your health care credit but you should be exempt from any penalties due to your low income.
Expert:  Stephen G. replied 1 year ago.
Actually, you may actually be entitle to a higher subsidy, if your income is lower this year, because of job loss or a pay cut. If you have variable income, you can reduce your risk of having to repay premium assistance by taking only a partial credit in advance. If you wind up earning less, you will still receive the full amount of your eligible credit when you file your return.
Expert:  Stephen G. replied 1 year ago.
Just checking in..................I see that you've had a chance to read my response, do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our share of any payment that you have already made.Thanks very much,Steve G.