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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I have been living off of my 401K I am 63 last year I have

Customer Question

I have been living off of my 401K I am 63 last year I have a tax debt of 6800 and this year because I went over the 40000and accepted subsidized insurance I owe 11000, is there anything I CAN DO?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. The advance premium tax credit or the subsidy is calculated based on your annual income.The credit is paid by the government to your insurance company on your behalf. When you applied for the insurance through marketplace or state exchange, you had to estimate your annual income. Using your estimated income, your premium tax credit was calculated. If you annual income increased, you have to repay some or all of the credit you received because based on your actual income you were not eligible for it at the first place.