What is the Maximum Pay back, of the subsidies – APTC – Advance Premium Tax Credit,

if you earn MORE than you put down for MAGI Income, when you applied for Covered CA?

Repayment Limitation from From 8962 Instructions
Repayment Limitation from From 8962 Instructions

CHFC – 2 Page explanation of the maximum payback – Web Archive.

Our page on 8962 Premium Tax Credit including instructions

Get a complementary  Quote, FPL and Subsidy Calculation

Email us [email protected] for more information.

Child & Related Pages

Be careful though about penalties for under payment of taxes.

Insure Me Kevin.com

#2210 Underpayment of Estimated Tax

#2210 Instructions

View our page on take it now or take it later – Tax Credit

Page 15  IRS Publication 5187

What about Enhanced Silver?

If my income is higher at the end of the year than I thought,

do I have to pay the Enhanced Silver cost-sharing subsidies back?

No. Unlike premium tax credits, which are reconciled each year based on the income you actually earned, cost sharing reductions are not reconciled Western Poverty Page 177 *  Kaiser Foundation FAQ’s  However, you will have to pay any received premium assistance back up to a certain amount.  Also, you are mandated to report income changes within 30 days. You also promised in the Covered CA application to report income changes within 30 days. Use the search feature ctrl – f and put in “changes.” It’s used 14 times.

Visit our webpage on Tax & APTC Subsidy Reconciliation 1040 & 8962 

 

Federal Code of Regulations

Subpart E—Health Insurance Issuer Responsibilities With Respect to Advance Payments of the Premium Tax Credit and Cost-Sharing Reductions

§156.400   Definitions.
§156.410   Cost-sharing reductions for enrollees.
§156.420   Plan variations.
§156.425   Changes in eligibility for cost-sharing reductions.
§156.430   Payment for cost-sharing reductions.
§156.440   Plans eligible for advance payments of the premium tax credit and cost-sharing reductions.
§156.460   Reduction of enrollee’s share of premium to account for advance payments of the premium tax credit.
§156.470   Allocation of rates for advance payments of the premium tax credit.
§156.480   Oversight of the administration of the cost-sharing reductions and advance payments of the premium tax credit programs.

 

IRS Publication 974 

Premium Tax Credit
IRS Publication 974

 

aptc interactive assistant

Interactive Tax Assistant (ITA)

Am I eligible to claim the Premium Tax Credit? 

Tax Estimators

turbotax.com

H & R Block

Efile.com

Estimate the Subsidy for Health Insurance, benefits, premiums, etc.

8962 ONLINE Calculator
TaxFormCalculator.com

etax.com

ACA What You Need To Know  #5187 ACA What you need to know # 5187

IRS FAQ on Premium Tax Credit

 

Health Net VIDEO
How to get subsidies – pay less for coverage 

 
 
Kaiser Foundation reports that 27% of uninsured individuals are eligible to purchase a bronze plan with $0 premiums after subsidies in 2019.  Silver plans with cost-sharing reductions (CSR) for single individuals with incomes below 200% of the poverty level can be purchased for roughly $20 to $130 per month after subsidies, depending on an enrollees’ income. KFF *

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