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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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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: 1 year ago.
Category: Tax
Expert:  Jonathan Tierney replied 1 year 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 1 year 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 1 year 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.