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I retired in August 2015 at the age of 62. My wife (also 62)

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and I signed up for...
I retired in August 2015 at the age of 62. My wife (also 62) and I signed up for insurance via the Washington health plan finder. The application form has a table to fill in headed last confirmed income. The column for income is headed Monthly Income. We filled in current monthly income which was our combined social security income plus my Wife's income from a small Knife Sharpening business. We were then advised we were eligible for a tax credit.
However it transpires that I should have added up the income for the year and divided it by 12 for the monthly income. Now it appears I owe the IRS all of the tax credit - $2008.00.
Now, the action center page at Washington health plan finder still lists our submitted documentation as under review, since 8/31/2015!
If we were actually been told we were ineligible we could have purchased insurance through my Wife's company and written off 100%, and had a $109 refund instead.
Anyway we can get any relief?
Thanks
Submitted: 1 year ago.Category: Tax
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Answered in 7 minutes by:
4/11/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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I agree that seems as not fair...However that is correct according to the current law.Whatever we generally refer as subsidy from the state is NOT a subsidy... that is an advance Premium Tax Credit (PTC)When you applied for the health insurance via the Marketplave - the amount of the PTC was calculated based on expected annual income.But when the actual income is calculated on your tax return - it turned to be higher than estimated - so the PTC was re-conciliated.When you applied for the health insurance - there was a choice - to receive an advance PTC or to claim a full PTC on the tax return - and you elected the first option.The warning was displayed that if your income will be higher you might be required to repay back all or some of the advance PTC payments.
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Tax Professional: Lev, Tax Advisor replied 1 year ago
The good news - there is no penalty or interest charges in this situation.Sorry if you expected differently.If you REALLY think that information provided was misleading or incorrect - you may sue the Washington health plan finder for damages - but that has nothing to do with your liability on the tax return.I personally do not believe that your arguments will prevail...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
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Lev
Lev, Tax Advisor
Category: Tax
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